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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:
Primary and Secondary Data: Primary Data: These data are those are collected for the first time. Thus primary data are original in character and gathered by actual observat
In an agricultural experiment, we wish to compare the yields of three different varieties of wheat. Call these varieties A, B and C. We have a ?eld that has been marked into a 3 *
how to analyzePractice-Based Evidence Back to the Future
Dr. Jim Mirabella UNIT EIGHT: DATA ANALYSIS PROJECT All Excel output should be copied into a single Word document where you must enter all of your responses to the questions below.
how detect sources of error in sample survey
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Consider the following game: (a) If (top, left) is a Weakly Dominant Strategy Equilibrium, then what inequalities must hold among (a, ..., h)? (b) If (top, left) is a Na
First we look at these charts assuming that we know both the mean and the standard deviation of the process, that is μ and σ . These values represent the acceptable values (bench
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