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What is Regression Model in econometrics?
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- Discuss and explain each of the assumptions of the simple linear regression model.In multiple regression model: what is it means for a variable to be significant? Explain the meaning of the significant variable.Imagine you are trying to explain the effect of square footage on home sale prices in the United States. You collect a random sample of 100,000 homes that recently sold. a) Homes can be one of three types: single-family houses, townhomes, or condos. How would you control for a home’s type in a regression model? b) Write down a regression model that includes controls for home type, square footage, and number of bedrooms. c) How would you interpret the es3mated coefficients for each of the variables from part b? Be specific.
- (Econmetrics) Q.1 How can you test for general misspecification of model if it would have only (any of) two independent variables?What are the four assumptions of linear regression (simple linear and multiple)?2. One topic from this module is heteroskedasticity.A. Convince me that you know what heteroskedasticity is.B. How can you use a scatterplot of the residuals from a regression model to look for heteroskedasticity?C. Explain briefly how to conduct a Park test for heteroskedasticity.