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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:
Show that when h = h* for the histogram, the contribution to AMISE of the IV and ISB terms is asymptotically in the ratio 2:1. Compare the sensitivity of the AMISE(ch) in Equa
Application of the chi Square Test
For the circuit shown below; Write a KCL equation for Node A, Node B, Node C and Node D. Write a KVL equation for Loop 1, Loop 2 and Loop 3. A simple circ
(a) If one solves the ordinary differential equation using Euler's method find an expression for the local truncation error. (b) Using the result of (a) above what will
Descriptive Statistics : Carrying out an extensive analysis the data was not a subject to ambiguity and there were no missing values. Below are descriptive statistics that hav
The quick method for a confidence interval for a proportion uses as an approximation for a 95% confidence interval. The margin of error in this case is slightly larger tha
Histogram: It is generally used for charting continuous frequency distribution. In histogram, data are plotted as a series of rectangle one over the other. Class intervals
(a) At a stream gauging station, the following discharges and stage measurements were taken for the purpose of the rating curve at that section: Stage (m) 1
The Null Hypothesis - H0: β0 = 0, H0: β 1 = 0, H0: β 2 = 0, Β i = 0 The Alternative Hypothesis - H1: β0 ≠ 0, H0: β 1 ≠ 0, H0: β 2 ≠ 0, Β i ≠ 0 i =0, 1, 2, 3
Arithmetic Average or Mean The arithmetic mean is the most widely and the most generally understandable of all the averages. This is clear from the reason that when the term
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