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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. Assume the random vector (Trunk Space, Length, Turning diameter) of Japanese car is normally distributed and the unbiased estimators for its mean and variance are the truth. For
In New Jersey, banks have been charged with withdrawing from counties having a high percentage of minorities. To substantiate this charge, data is presented in the table below conc
Weighted Harmonic Mean Weighted Harmonic Mean is calculated with the help of the following formula: WHM Case
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#There were three types of food, and the researcher recorded which foods were bought. Peanut Butter Banana Hamburger 15
Median Median is a position average. It is the value of middle item of a variable when the items are arranged according to their values either in ascending or descending order.
Using the raw measurement data presented below, calculate the t value for independent groups to determine whether or not there exists a statistically significant difference between
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You are given the differential equation dy/dx = y' = f(x, y) with initial condition y(0 ) 1 = . The following numerical method is also given: where f n = f( x n , y n )
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