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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:
Analysis of covariance (ANCOVA) It is initially used for an expansion of the analysis of variance which permits to the possible effects of continuous concomitant variables (suc
i m doing MBA in singapore and i want a good work. i want a data for 200 observations and then answers for some questions. and i need the data to be approved by our professor first
Comparison of the Principal Averages-Mean, Median and Mode The mean, median, and mode are located at the same point in a symmetrical frequency distri
method for solving assingnment problem
The Null Hypothesis - H0: The random errors will be normally distributed The Alternative Hypothesis - H1: The random errors are not normally distributed Reject H0: when P-v
Determine the maximum weight in kN to one decimal point (1 DP) of the engine that can be supported without exceeding the tension given in Parameter 1 (P1) in chain AB or 1.1 x P1
When the number of farmers growing wheat in Russia increases, the increase in world supply lowers the world price of wheat. Draw an appropriate diagram to analyze how this chang
Simple Linear Regression One calculate of the risk or volatility of an individual stock is the standard deviation of the total return (capital appreciation plus dividends) over
Old Faithful Geyser in Yellowstone National Park derives its names and fame from the regularity (and beauty) of its eruptions. Rangers usually post the predicted times of eruptions
Question: The weights of 60 children born to mothers in a small rural hospital were recorded. 3.63 3.54 3.15 3.90 4.29 4.06 2.91 3.36 3.3
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