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Using a random sample of 670 individuals for the population of people in the workforce in 1976, we want to estimate the impact of education on wages. Let wage denote hourly wage in 1976 U.S. dollars and let educ denote years of schooling. We obtain the following OLS regression line: wage = -0.54 + 0.54educ. How do you interpret the slope of this regression line? What is the expected difference in the hourly wage between a worker that finished four years of college and a worker with finished high school? What is the predicted wage for a person with one year of education? Does that make sense? If it is not, what is the name of this problem in econometrics? How do we deal with it?
Suppose you are interested in the effect of skipping classes on college GPA, and collect a sample of economic variables from 400 college students to analyze the problem. Included in your data are college GPA on a four-point scale (COLGPA), high school GPA on a four-point scale (HSGPA), achievement test score (ATS), and the average number of Economics 122B lectures missed per week (SKIP). Running a regression of the dependent variable COLGPA on the other explanatory variables including a constant (and homoskedastic errors) yields:
The following data on calcium content of wheat are consistent with summary quantities that appeared in the article “Mineral Contents of Cereal Grains as Affected by Storage and Ins
Assumptions in Regression To understand the properties underlying the regression line, let us go back to the example of model exam and main exam. Now we can find an estimate o
Now, let's look at a different linear combination. Suppose we are interested n comparing the average mean log income for no college education ( 16). 1. Write out the linear com
discuss the mathematical test of adequacy of index number of formulae. prove algebraically that the laspeyre, paasche and fisher price index formulae satisfies this test. What is
(a) Elevation (m) 0 400 800 1200 1600 2000 2400 2800 3200 4000 480
The mean tax-return preparation fee H&R Block charged retail customers in 2012 was $183 (The Wall Street Journal, March 7, 2012). Use this price as the population mean and assume t
Risk of Portfolios So far, we have seen the application of standard deviation in the context of risk in single investment. But usually most investors hold portfolios of securi
Frequency distribution A frequency distribution is a series where a number of items with similar values are put in separate groups or bunches. In other words a frequency distri
Sequential Sampling Under this method, a number of sample lots are drawn one after another from a universe depending on the results of the earlier samples. Such sampling is gen
a) List down several measures of central tendency and define the difference among them? b) What do you mean by confidence interval, and why it is useful? What is a confidence lev
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