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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:
Different analyses of recurrent events data: The bladder cancer data listed in Wei, Lin, and Weissfeld (1989) is used in Example 54.8/49.8 of SAS to illustrate different anal
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Year Production 2006 8 2007 6 2008 10 2009 12 2010 11 2011 15 2012 14 2013 16 Determine the trend from data given above?
A researcher hypothesized that the pulse rates of long-distance athletes differ from those of other athletes. He believed that the runners’ pulses would be slower. He obtained a ra
Chemical processors manufacture wondercool using two processes- mixing and distillation. The following details relate to the distillation process for a period. No opening work i
You are attempting to purchase a part from a specialty vendor. Your company requires a C p of at least 1.67 on a critical dimension of the part. The dimensional specific
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Read the following data on the economy of Angoia and answer/respond to the questions/instructions that follow. Unless otherwise stated, the monetary figures are in real billions o
Standard Deviation The main drawback of the deviation measures of dispersion, as discussed earlier, is that the positive and negative deviations cancel out each other. Use of t
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