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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:
You are currently working with a supplier who is producing a shaft whose diameter specification is 6.00 ± .003 inches. Currently, the process is yielding shafts wit
Variance The term variance was used to describe the square of the standard deviation by R.A.Fisher. The concept of variance is highly important in areas where it is possible to
Discriminant analysis (DA) helps to determine which variables discriminate between two or more naturally occurring groups. Mathematically equivalent to MANOVA, it ' is extensively
Using log(x1), log(x2) and log(x3) as the predictors, do pair wise scatterplots of all pairs of variables (including the response) and comment (use the pairs function). Do you thin
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A. Do the correlation matrix table. B. Which variable (s) has the largest correlation coeffieient which is not a perfect correlation? C. Which variable (s) has the s
Cause and Effect Even a highly significant correlation does not necessarily mean that a cause and effect relationship exists between the two variables. Thus, correlation does
for this proportion, use the +-2 rule of thumb to determine the 95 percent confidence interval. when asked if they are satisfied with their financial situation, .29 said "very sat
Advantages of Sampling Why should we settle on a sample instead of studying the entire population? Sampling has the following advantages over a census (study of the entire pop
Stratified Random Sampling: This method of sampling is used when the population is comprised of natural subdivision of units, The method consist in classifying the population u
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