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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:
Sampling Error It is the difference between the value of the actual population parameter and the sample statistic. Samples are used to arrive at conclusions regarding the p
The box plot displays the diversity of data for the age; the data ranges from 19 being the minimum value and 60 being the maximum value. The box plot is positively skewed at 0.57 a
Where do I Access the gss04student_corrected dataset
How can we analyse data with four bilateral response variables measured with errors and three covariated measured without errors?
(a) The Horton's initial infiltration capacity for a catchment is 204 mm/h and the constant infiltration value at saturation is 60 mm/h. For a rainfall in excess of 204 mm/h mainta
programming
In an examination 600 candidates appeared, boys outnumbered girls by 16% of all candidates. number of passed candidates exceeded the number of failed candidates by 310. Boys failin
Sampling A Population is a collection of all the data points being studied. For example, if we are studying the annual incomes of all the people in India, then the population
what are the challenges affecting population census in developing countries
Consider the sample of 60 package design ratings given in the table below. A Sample of Package Design Ratings (Composite S
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