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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:
in a normal distribution with a mean of 85 and a STD of 5, what is the percentage of scores between 75 and 90?
In simple regression the dependent variable Y was assumed to be linearly related to a single variable X. In real life, however, we often find that a dependent variable may depend o
simplified formulae
Statistical Errors Statistical data are obtained either by measurement or by observation. Hence to think of perfect accuracy is only a delusion or a myth, It is no
operation
Scatter Diagram The first step in correlation analysis is to visualize the relationship. For each unit of observation in correlation analysis there is a pair of numerical value
(i) Plot the step responses of the following second order systems and state the nature of each system. For each case, find the poles and plot the location of the poles in the compl
Let X 1 and X 2 be two independent populations with population means μ 1 and μ 2 respectively. Two samples are taken, one from each population, of sizes n 1 and n 2 re
The following dataset is from a study of the effects of second hand smoking in Baltimore, MD, and Washington, DC. For the 25 children involved in this study the outcome variable is
a. How can break-even analysis be used in selecting a new plant site? b. What are potential advantages and disadvantage of locating a production facility in foreign country i
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