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- If a change in variable X causes a change in variable Y, variable Xis called the Select one: a. independent variable b. dependent variable c. explanatory variable d. B and CThe predicted value of Y is... a. The value that y takes on when X equal 0 b. The effect that a one unit change in dependent variable is expected to have on the independent variable, holding all else constant c. The value of Y when the slope is multiplied a specific X and then that value is added to the intercept d. The observed value of the dependent variable that is associated with a specific value of the independent variable.(A) Phoenix Lumber Company uses the number of construction permits issued to help estimate demand (sales). The firm collected the following data on annual sales and number of construction permits issued in its market area: No. of Construction Sales Year Permits Issued (000) (1,000,000) 2003 6.50 10.30 2004 6.20 10.10 2005 6.60 10.50 2006 7.30 10.80 2007 7.80 11.20 2008 8.20 11.40 2009 8.30 11.30 (a) Which variable is the dependent variable and which is the independent variable? (b) Determine the estimated regression line. (c) Calculate the coefficient of determination. Give an economic interpretation to the value obtained. (d) Suppose that 8,000 construction permits are expected to be issued in 2010. What would be the point estimate of Phoenix Lumber Company's sales for 2010? Q 3. (B) Following output for the multiple regression problem shows…
- Show that b ^β0 is an unbiased estimator of β0. (Hint: Use the fact that ^β1 isunbiased.Southwest Airlines is able to keep fares low, in part because of relatively low maintenance costs on its airplanes. One of the main reasons for the low maintenance costs is that Southwest flies only one type of aircraft, the Boeing 737. However, Southwest flies three different versions of the 737. Suppose Southwest decides to conduct a study to determine whether there is a significant difference in the average annual maintenance costs for the three types of 737s used. a. State an independent variable for such a study. b. What are some of the levels or classifications that might be studied under this variable? c. Give a dependent variable for this study.DEPENDENT VARIABLE Qc R- SQUARE P- VALUE ON F 64 0.8093 0.0001 INDEPENDENTVARIABLE PARAMETER ESTIMATE STANDARD ERROR T-RATIO P-VALUE INTERCEPT 8.20 4.01 2.04 0.0461 PC -3.54 1.64 -2.16 0.0357 M 0.64287 0.19 3.38 0.0014 PA 0.7854 0.38 2.07 0.0439 4. At the 5% level of significance, which variables are statistically significant?
- Given the functional relationship: y = 14x5/x2 find the value of y when x = 1.5According to Exhibit A-5, what is the relationshipbetween the price per pizza and the quantityof pizzas purchased?a. Directb. Inversec. Complexd. Independentn one sentence, what does it mean for an estimator to be consistent? (Hint: you do not need to state the formal definition of consistency)
- What is meant by dummy variable and how dummy variables are constructed?You are buying boxes of donuts at a bakery. Each box of donuts costs $10. Which of the following statements are true? Choose all answers that apply: Group of answer choices A. The dependent variable is the number of boxes of donuts you buy. B. The independent variable is the number of boxes of donuts you buy. C. The dependent variable is the amount of money you spend on the donuts. D. The independent variable is the amount of money you spend on the donuts.Econometrics Thomas Eisensee and David Stromberg wanted to measure how much news coverage of a foreign disaster impacted the amount of disaster relief provided by the U.S. government. They argue that the simple relationship would be biased. Let X = Minutes of News Coverage and Y= Disaster Aid. Choose a variable X2 that could bias the simple relationship. This variable should impact the amount of coverage and impact the amount of aid for reasons other than purely news coverage. Eisensee and Stromberg introduce an instrument Z = During the Olympics. Explain how Z could satisfy the relevant and exogenous criteria. Explain how you could use Z to estimate the impact of X on Y free from X2 bias. Hint: you should mention two stages.
