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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:
A monopolist firm''s demand curve is given by P:100-2q. (a) Find its marginal revenue function.
Flow Chart for Confidence Interval We can now prepare a flow chart for estimating a confidence interval for μ, the population parameter. Figure
Motion Picture Industry (95 Points) The motion picture industry is a competitive business. More than 50 studios produce a total of 300 to 400 new motion pictures each year, and t
i m doing MBA in singapore and i want a good work. i want a data for 200 observations and then answers for some questions. and i need the data to be approved by our professor first
Create the Venn diagram: A - you work for an insurance company. 80% of your company's staff is sales force and 70% of your company's sales is force is male. in your company
applications of normal probability distribution
ogives graph
Application of the chi Square Test
Use the given information to find the P-value. The test statistic in a two-tailed test is z = 1.49 P-value = (round to four decimal places as needed)
In 120 tosses of a coin, 45 heads and 75 tails are observed. Is this a balanced coin? Use a=0.05. (Follow the basic steps of hypothesis testing)
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