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midterm_f13 with solutions.pdf

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Department
Economics
Course
ECON 3210
Professor
Idd
Semester
Fall

Description
YORKUNIVERSITYFACULTYOFLIBERALARTSPROFESSIONALSTUDIESDEPARTMENTOFECONOMICSUseofEconomicDataAPECON3210300AMidTermExamrdOctober232013CoursedirectorIdaFerraraAllottedtime80minutesWeightofmidtermexam30Totalmarks60marksNOTES1theexamhasthreequestionsofequalweight20markseachandyoumustanswerallofthem2theexamconsistsof10pageswiththequestionsandrelatedappendices4pageswithprobabilitydistributiontablesand1pagewithformulas15pagesintotal3onlynonprogrammablecalculatorsareallowedQUESTION1ConsidertheEXCELoutputsinAppendixA4pagesaboutthedependenceofhourlywagerateWAGEwhichismeasuredindollarsoneducationEDUCwhichismeasuredinyearsThethreeoutputsdierinmodelspecicationwhichisassumedtobelinearinA1quadraticinA2andloglinearinA3ForthelinearmodelspecicationtherelationshipbetweenWAGEandEDUCisalsoestimatedseparatelyformalesfemalesblacksandwhitesaInterprettheestimatedslopecoecientforeachofthethreemodelspecicationsForthelinearmodelspecicationA1testthestatisticalsignicanceoftheestimatedslopecoecientatthe5levelofsignicanceusingtheonetailtest5markslinearonemoreyearofeducationisestimatedtoincreasethewagerateby2onaverage1markquadraticthewageratetendstoincreaseatanincreasingrate15markloglinearonemoreyearofeducationisestimatedtoincreasethewagerateby9onaverage15marksbasedonthepvalueforonetailtestpvaluepvalueintabledividedby20bofthelinearmodelisstatisticallysignicant1mark2bCompareandcommentontheresultsoftheseparateregressionsforthefourgroupsmalesfemalesblacksandwhites3marksOnaveragethewagerateisestimatedtoincreaseforeachadditionalyearofeducationbymoreforfemalesthanformales15marksandbymoreforblacksthanforwhites15markscConsidertheplotoftheresidualsagainstEDUCforthelinearmodelspecicationA1AreanypatternsevidentIfsowhatdothesepatternssuggestMoregenerallydiscusswhichresidualplotsyoucoulduseandhowyouwouldusethemtodeterminewhethercertainCLRMassumptionsareviolatedbespecicabouttheCLRMassumptions6marks1
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