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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:
1) Suppose you want to test a hypothesis that two treatments, A and B, are equivalent against the alternative that the response for A tend to be larger than those of B. You plan to
Types of cost-reimbursable contracts are: Cost Plus Fixed Fee contract (CPPF): Compensation is based on a fixed sum independent of the final project cost. The customer a
A monopolist firm''s demand curve is given by P:100-2q. (a) Find its marginal revenue function.
Simple Linear Regression One calculate of the risk or volatility of an individual stock is the standard deviation of the total return (capital appreciation plus dividends) over
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What is an example of a real life situation when I would use each of these test
A country''s national accounts are assumed to look as follows: GDP 1180 VAT and taxes 140 Commodity subsidies 60 Raw material and consumables 530 1. Calculate GVA 2. Calculate t
Using Chi Square Test when more than two Rows are Present To understand this, let us consider the contingency table shown below. It gives us the information about the stage
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
Cluster Analysis could be also represented more formally as optimization procedure, which tries to minimize the Residual Sum of Squares objective function: where μ(ωk) - is a centr
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