User Account

All Pages

Compute the fitted values and residuals for each observation

Assignment Help Microeconomics
Reference no: EM13882614

The following table contains the ACT scores and the GPA (grade point average) for eight college students. Grade point average is based on a four-point scale and has been rounded to one digit after the decimal.

 

Student

GPA

ACT

1

2.8

21

2

3.4

24

3

3.0

26

4

3.5

27

5

3.6

29

6

3.0

25

7

2.7

25

8

3.7

30

(i) Text Box: © Cengage Learning, 2013Estimate the relationship between GPA and ACT using OLS; that is, obtain the intercept and slope estimates in the equation

GPA =5 bˆ 1+ bˆ ACT.
0 1
Comment on the direction of the relationship. Does the intercept have a useful in- terpretation here? Explain. How much higher is the GPA predicted to be if the ACT score is increased by five points?

(ii) Compute the fitted values and residuals for each observation, and verify that the residuals (approximately) sum to zero.

(iii) What is the predicted value of GPA when ACT 5 20?

(iv) How much of the variation in GPA for these eight students is explained by ACT ? Explain.

Reference no: EM13882614

Questions Cloud

Find the area of the triangle por with vertices : Find the area of the triangle POR with vertices P(-2,4,1),Q(3,1,-1),R(-1,2,-2).
Write a three pages paper for compare culture difference : Write 3 pages paper for compare culture different with the middle east(chapter4), China(chapter5), Europe(chapter6), include personal understandings and opinions.
Cylinder off the surface : The homogeneous 300-kg cylinder is pulled over the 100-mm P step by the horizontal force P. Find the smallest Pthat would raise the cylinder off the surface at A. Assume sufficient friction at corner B to prevent slipping.
Why is batch processing well suited to payroll processes : Why is batch processing well suited to payroll processes?
Compute the fitted values and residuals for each observation : Compute the fitted values and residuals for each observation, and verify that the residuals (approximately) sum to zero.
Charges against the wto and an economic globalization system : What are the charges against the WTO and an economic globalization system?
Final position of the block on the cart : The coefficient of kinetic friction between block A and the cart BC is 0.50. Knowing thatthe cart has a mass of 4 kg and can roll freely, determine (a) the final velocity of the cartand block, (b) the final position of the block on the cart.
Why is it important that the human resources : Why is it important that the human resources department maintain records authorizing the various deductions from an employee paycheck?
What type of receivables does a farmer typically have : What type of receivables does a farmer typically have? What collateral is typically available? In addition to general economic conditions, what should a banker be watchful of before extending credit to a farmer?

Reviews

Write a Review

Microeconomics Questions & Answers

  What would be true of entitlement spending

1. What would be true of entitlement spending if the percentage of taxes allocated to discretionary spending rose to 100 percent and the federal budget was balances (Hint: Under a balanced budget, tax revenues equal the sum of discretionary ..

  How would you counter the union officials arguement

In an effort to stop the migration of many of the automobile manufacturing facilities from the Detroit area, Detroit's city council is considering passing a statute that would give investment tax credits to auto manufacturers. Effecively, this wou..

  How do insurance companies try to reduce these problems?

Define asymmetric information. Distinquish between hidden characteristics and hidden actions. Which type of asymmetric information contributes to the principal agent problem?

  Own price elasticity of market demand for retail gasoline

Presume the own price elasticity of market demand for retail gasoline is -0.9, the Rothschild index is 0.7 and a typical gasoline retailer enjoys sales of $1,450,000 yearly. What is the price elasticity of demand for a representative gasoline retaile..

  Perfectly competitive market economy

Marginal productivity theory implies that in a perfectly competitive market economy - chooses its profit-maximizing quantity of capital by

  1 the owner of the thomas car wash believes that the

1. the owner of the thomas car wash believes that the relationship between the number of cars washed and labor input

  International policy coordination is plagued

Analyze the following statement: "International policy coordination is plagued by differing national economic objectives, institutions, political climates, and phases in the business cycle."

  Make sure you define the topics but give real life

make sure you define the topics but give real life examples to prove that you understand the concepts.explain the

  Jobs are the key to economic progress

Jobs are the key to economic progress. Unless we create more jobs, our standard of living will fall

  Describe overhead cost discussion

Assume the following was overheard at the water cooler: "I think our medical device company should take advantage of economies of scale by increasing our output, thereby spreading out our overhead costs."

  What are normal goods

What are "normal" goods? Give an example in our current economy and what are "inferior" goods? Give an example in our current economy.

  On may 6 2010 the stock market suddenly swung a thousand

on may 6 2010 the stock market suddenly swung a thousand points. nobody really knows why. but dennis berman in the

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd