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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:
Among the students doing a given course, there are four boys enrolled in the ordinary version of the course, six girls enrolled in the ordinary version of the course,and six boys e
Complete the multiple regression model using Y and your combined X variables. State the equation. Next, make sure that you evaluate overall model performance with the Anova table
The box plot displays the diversity of data for the income; the data ranges from 20 being the minimum value and 1110 being the maximum value. The box plot is positively skewed at 4
Suppose that in the actual survey of 50 prospective customers, 6 subscribe to the 3 for all offer, what does this tell you about the previous estimate of the proportion of customer
Quota sampling Under this method enumerators shall select the respondents in place of those not available, as per the quota fixed according to guide lines provided to them.
Cindy, the Assistant Vice President of Engineering/Administrative Services at Blue Cross Blue Shield Rhode Island (BCBSRI), has seen all of the OSHA statistics: In 2000, 1
The following data give the repair costs (in RM) for 30 randomly selected cars from a list of cars involved in collisions. a) By using RM 1 as the lower limit of the first
An approximation to the error of a Riemannian sum: where V g (a; b) is the total variation of g on [a, b] de ned by the sup over all partitions on [a, b], including (a; b
Correspondence analysis is an exploratory technique used to analyze simple two-way and multi-way tables containing measures of correspondence between the rows and colulnns of an
Assumptions in Regression To understand the properties underlying the regression line, let us go back to the example of model exam and main exam. Now we can find an estimate o
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