ECON 312 Midterm: ECON312 Midterm21Spring2016solution
Document Summary
Instructions: this is closed book, closed notes exam, no calculators of any kind are allowed, show all the steps and calculations, if you need more space, use the back of the page, fully label all graphs. Calvin is studying the factors a ecting the smoking habits of people. He collected data from a sample of 807 consumers, with the following key variables: years of schooling. Variable description educ cigpric state cigarette price, cents per pack age income cigs age in years annual income, $ cigarettes smoked per day. Error t value pr(>|t|) (intercept) 5. 368795 23. 897215 0. 225 0. 82230 educ log(cigpric) 2. 853163 5. 733183 0. 498 0. 61886 age 0. 780635 0. 160619 4. 860 1. 41e 06 *** 0. 009106 0. 001749 5. 207 2. 44e 07 *** log(income) 0. 758292 0. 728668 1. 041 0. 29835. Signif. codes: 0 ***" 0. 001 **" 0. 01 *" 0. 05 . " 0. 1 " 1. Residual standard error: 13. 45 on 801 degrees of freedom. F statistic: 7. 565 on 5 and 801 df, p value: 5. 915e 07.
