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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:
As we stated above, we start factor analysis with principal component analysis, but we quickly diverge as we apply the a priori knowledge we brought to the problem. This knowled
Mathematical Properties The sum of deviations of the items from the arithmetic mean (taking signs into account) is always zero, i.e. = 0. The sum of
Modify your formulas from (1) to compute the price at time 0 of an American put option with the same contract speci cations in the binomial model. Report the price of the American
Bill Clinton reportedly was paid $10 million to write his book My Way. The book took three years to write. In the time he spent writing, Clinton could have been paid to make speech
In recent years a number of calculators are available for doing statistical calculations over and above the usual addition, subtraction, multiplication and division. The fx-82 mode
Assume that the normal distribution applies and find the critical z value(s). A = 0.04; H1 is mean ≠ 98.6 degrees Fahrenheit. Dteremine the value of Z. Find the value of the
The management at Superior Health Care System Incorporated recently purchased several new facilities including the central patient information management center. This purchase will
Random Sampling Method In this method the units are selected in such a way that every item in the whole universe has an equal chance of being included. In the words of croxton
The Harmonic Mean is based on the reciprocals of numbers averaged. It is defined as the reciprocal of the arithmetic mean of the reciprocal of the given individual observations. Th
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