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Run a regression of testscr on str and avginc, where testscr and str are as above, and avginc is a measure of the average household in come in the school district.
a. What is the correlation between str and avginc. Does this correlation suggest the model specification suffers from serious multicolinearity?
b. What is the estimated effect of str on testscr?
c. Now create a scatterplot of testscr on avginc, and use OLS to fit a straight line to the data. Do you think this simple regression equation suffers from specification bias? If so, how?
d. What is the probability that all the population slope coefficients are actually zero, but the coefficients we estimated are different from zero due merely to random sampling variability? In other words, what is the probability that the R2 is actually zero? Explain how one conducts an F test to test such a hypothesis.
Write out the formulas for the bias, variance and mean squared error of β 1 . How do the bias, variance and mean squared error depend on the values of µ , σ 2 and n ?
Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..
A Federal Reserve Bank has employed the economic consulting company to make a paper on how the use of money has changed over the past twenty years.
You're the manager of the firm that sells a commodity in market that resembles perfect competition, and your cost function is C(Q)=Q+2Q^2. Compute the expected market price.
improve life style decsisions by reducing smoking, alcohol consumption, and drug use, imporve overall educational attainment so people can better follow the advice from the medical community.
A profit-maximizing monopoly faces an inverse demand function described by the equation p(y) = 50 - y and its total costs are c(y) = 10y, where prices and costs are measured in dollars.
Porter seeks accommodation for a religious practice unique to the Heavenly Masters. Porter's employer has never heard of this religion. In order to determine whether Porter's demand for accommodation is truly based on religion, the employer must d..
Suppose that the most popular car dealer in your area sells 10 percent of all vehicles. If all other car dealers sell either the same number of vehicles or fewer, what is the largest value that the Herfindahl index could possibly take for car deal..
One of the stumbling blocks of Voice over IP has been the implementation of a 911 service. The given story appeared on the newswires on Tuesday:
If the economy is at point C, what is the cost of one more automobile? One more rocket? Explain how the production possibilities curve reflects the law of increasing opportunities costs
How many units should each plant produce to maximize profit at that price and a perfect competitive firm faces a market price of $10 for its output X
Michelle spends her weekly income of $50 on two goods: cans of hairspray and bottles of nail polish. The price of a can of hairspray is $5 and the price of a bottle of nail polish is $4. If the price of a bottle of nail polish falls to $3:b. the o..
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