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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:
The median, as the name suggests, is the middle value of a series arranged in any of the orders of magnitude i.e. ascending or descending order. As distinct from the arithmetic
Disadvantages The value of mode cannot always be determined. In some cases we may have a bimodal series. It is not capable of algebraic manipulations. For example, from t
implications of multicollinearity
Classification of Universe The universe may be classified either on the basis of number of units and on the basis of existence of units as is clear from the following chart :
MARKS IN LAW :10 11 10 11 11 14 12 12 13 10 MARKS IN STATISTICS :20 21 22 21 23 23 22 21 24 23 MARKS IN LAW:13 12 11 12 10 14 14 12 13 10 MARKS IN STATISTICS:24 23 22 23 22 22 24 2
To compare three brands of computer keyboards, four data entry specialists were randomly selected. Each specialist used all three keyboards to enter the same kind of text material
Each question, by default, should be solved INDIVIDUALLY, unless marked as \collaborative". Questions marked as \collaborative" implies that for those questions you are encourage
Active Control Equivalence Studies (ACES) Clinical trials the field in which the object is easy to show that the new treatment is as good as the existing treatment. Such type
There are situations where none of the three averages is fully satisfactory. For example, if the number of items in a series is very small, none of these av
Andrews ‘Plots A graphical display of multivariate data in which an observation, x0 = [x1, x2, . . . , xq] is represented can be represented in the form of function A set
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