Econ 41: Data Analysis & Econometrics : OLS Assumptions and validity Part I Using data about wage and education, we find the following results Figure 1: Table 1: Wage and Log wage Dependent variable: wage lwage (2) (1) educ 60.214*** 0.060*** (6.157) (0.006) Constant 5.973*** 146.952* (80.270) (0.082) 935 935 0.097 Observations R2 Adjusted R2 Residual std. Error (df = 933) F Statistic (df = 1; 933) 0.107 0.106 0.096 382.320 0.400 111.793*** 100.700*** Note: *p<0.1; **p<0.05; ***p<0.01 where lwage is the log of wage, educ is expressed in years of education and wage is the wage per week. 1. interpret the magnitude and significance of education in the model 1. [1pt] 2. interpret the magnitude and significance of education in the model 2. [1pt] 3. Can you compare the Rº to establish which model is preferable? Why? [1pt]
Answers
1. The magnitude of education in the model can be interpreted as a 0.060*** increase in wages per week for each year of education.
2. The magnitude of education in the model can be interpreted as a 60.214*** increase in wages per week.
3. Model 1 is preferable because it explains a slightly larger proportion of the variance in wages than Model 2.
Explanation:
1. The magnitude of education in the model can be interpreted as a 0.060*** increase in wages per week for each year of education. The significance of education in the model can be interpreted as having a p-value less than 0.01, indicating that the relationship between education and wages is statistically significant.
2. The magnitude of education in the model can be interpreted as a 60.214*** increase in wages per week. However, this interpretation is not meaningful because the dependent variable is the log of wage. Therefore, we must interpret the magnitude as the percent change in wages per week for a one-year increase in education. Specifically, a one-year increase in education is associated with a 6.0% increase in wages per week. The significance of education in the model can be interpreted as having a p-value less than 0.01, indicating that the relationship between education and log wages is statistically significant.
3. R-squared is a statistical measure that represents the proportion of the variance in the dependent variable that is explained by the independent variables in the model. In this case, Model 1 has an R-squared value of 0.107, while Model 2 has an R-squared value of 0.096. Therefore, Model 1 is preferable because it explains a slightly larger proportion of the variance in wages than Model 2.
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Related Questions
Scott states that 80% of people are unhappy with their careers, while 20% are happy. Why do you think people work in jobs they aren't happy with?
Answers
Answer: There are many reasons why some people may work in a job they aren’t happy with but a big time one is for the money. Some people need the jobs with higher pay or salary. That is just how life works u have to pay the bills somehow so they live with a unhappy job for the pay. I hope that this helps you!
Explanation:
where does telephone and printing goes in the trial balance
Answers
Answer:
Printing and Stationery expenses are indirect expenses. Therefore, these expenses are shown in expenses side of profit and loss account, so it will be in credit side of trial balance.
Acme widgets had an order to process 250 widgets. The first unit required 200 minutes to assemble. Before starting, the company estimated the amount of time it would require to assemble all 250 widgets if they learned at an 85% rate. After assembling all 250 widgets, acme realized they had learned at an 80% rate. How much time less than their estimate did acme take? you should be able to compute the answer within plus or minus 2 hours.
Answers
If Acme widgets had an order to process 250 widgets. The first unit required 200 minutes to assemble. After assembling all 250 widgets, acme realized they had learned at an 80% rate. How much time less than their estimate did acme take is: 91.2 hours.
TimeFirst step
Using the cumulative unit table to determine the range
Range=88.83-61.47
Range=27.36
Second step is to calculate the minutes requires to assemble
Number of minutes=27.36×200 minutes
Number of minutes= 5472
Third step is to calculate how much time less than their estimate did acme take
Time=5472/60
Time=91.2
Therefore If Acme widgets had an order to process 250 widgets. The first unit required 200 minutes, the company estimated the amount of time it would require to assemble all 250 widgets . After assembling all 250 widgets, acme realized they had learned at an 80% rate. How much time less than their estimate did acme take is: 91.2 hours.
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what are some common tasks performed by Psychiatrists? (Select four options)
A administering first aid and life support care
B collaborating with other medical professionals
C maintaining patient information and records
D developing diagnostic imaging techniques
E prescribing, directing, or administering psychotherapeutic treatments or medications
F analyzing and evaluating patient data or test findings
Answers
Answer:
B, E and F and explanation I share you other thought about it
Explanation:
Psychiatrists are medical doctors who specialize in the treatment of mental health conditions. Some common tasks performed by psychiatrists include:
Conducting initial evaluations and assessments to diagnose mental health conditionsPrescribing and managing medications to treat mental health conditionsProviding individual, family, or group therapy to help patients manage their mental healthDeveloping and implementing treatment plans for patientsCollaborating with other healthcare providers to coordinate care for patientsProviding crisis intervention and support to patients experiencing mental health emergenciesConducting research to advance the field of psychiatry and improve treatment options for patients.Is wanting to increase sales over the next year a good objective if (no/yes) write why
Answers
Answer:
Yes because some family's are not doing very good in money so they should be able to afford more items
But also no at the same time because if you have more sales more of your stuff will be out of stock.
Explanation:
Who is the leader of EG
Answers
Answer:
The company, the U.S. unit of U.K.-based EG Group Ltd has named George Fournier as its new president.
What part of $14 is greater than $12
Answers
Answer:
$2
Explanation:
so this question is easy and not need to be explained much but if u don't know then there r many ways to find the answer one of it is to
$14 - $12 = $2
Done!!!!!
Spyder corporation’s technology and business strategies became entangled, what would this be considered?.
Answers
The entanglement that is happening between the technology and business strategy could be regarded as a clash.
What is a business entanglement.This is the result of the fact that there is less transparency and openness in the business.
The entanglement would be a clash between two or more of the objectives and the policies of the business.
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Careers in the Hospitality and Tourism career cluster are
O highly desirable and pay high wages.
O bountiful and expected to continue to grow.
O seldom desirable and pay low wages.
O limited and expected to continue to decline.
Answers
Answer:
B
Explanation:
Edge
Careers in the Hospitality and Tourism career cluster are bountiful and expected to continue to grow. Thus option B is correct.
What are Careers?Career sectors are means of classifying various career kinds based on shared characteristics. People can use these criteria to help them focus their job options and select a suitable path.
A collection of occupations that emphasize giving people food, lodging, aid to travelers, and enjoyable activities. The abundance of jobs in the travel and hospitality career cluster is anticipated to persist.
The planning, management, and provision of lodging, dining, entertainment, conferences, and tourism, as well as related arranging and community programs including transport services, are all part of a the hospitality and tourism employment cluster. Therefore, option B is the correct option.
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The Architecture and Construction career cluster is a group of careers focused on
O designing, constructing, and maintaining buildings and other structures,
O assembly of buildings and structures.
O designing and planning buildings.
O identifying the safety standards for building regulations.
Answers
The correct answer is Designing, constructing, and maintaining buildings and other structures.
Explanation:
A career cluster groups different careers related to the same area of knowledge and similar applications. In the case of architecture and construction, this includes careers such as architecture, civil engineering, carpentry, paving operators, etc. Moreover, these careers are all related to creating buildings or structures, which involve designing or planing the structures, then constructing them, and finally, dealing with the maintenance of the building. This includes the creation of houses, bridges, roads, etc.
Answer:
answer is A
designing constructing, and maintaining buildings and other structures.
Explanation:
hope this helps!
Please!!!!!!!!!!!!!!!!!!!!please!!!!!!!!!!!!!!!!!
What is Marketing and why is it important in a global economy? How do you interact with and are
affected by marketing daily?
Answers
Answer:
Many companies have become disillusioned with sales in the international marketplace as old markets become saturated and new ones must be found. How can they customize products for the demands of new markets? Which items will consumers want? With wily international competitors breathing down their necks, many organizations think that the game just isn’t worth the effort.
Modern businesses use different technologies to accomplish work tasks. which type of technology is described in the given sentence? is intangible creative work that is embodied in physical form.
Answers
Intellectual property is intangible creative work that is embodied in physical form.
An idea becomes intellectual property once money is spent on research that might have beneficial economic and societal effects. Patents may be used to safeguard intellectual property for this reason. A patent provides legal protection against unauthorized use of intellectual property by third parties.
Initially, intellectual property is an intangible asset, meaning it is an idea based on a scientific theory rather than an actual object. However, when a concept is turned into a tangible good, intellectual property may take on physical shape. For instance, a researcher may find a substance that may treat a condition that was formerly thought to be incurable. The scientist owns all intellectual and intangible rights to this invention.
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larry is born at 8 pounds. by the time he is two years old, he should weigh approximately how much?
Answers
The weight of Larry, by the time he is two years old, given his birth weight, should be 24 pounds.
How much should a two year old weigh ?The expected weight of a two-year-old child can be estimated by multiplying the child's birth weight by three. This is a rough estimate and does not apply to all children as every child grows and develops differently.
However, it is a general guideline for parents and healthcare providers to track the growth and development of a child over time. For example, if Larry was born at 8 pounds, his expected weight at two years old would be approximately 24 pounds.
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Question 6 of 10
Which of the following skills do employers in any field expect their employees
to have?
A. Ability to use a cash register
B. Ability to lift at least 30 pounds
C. Ability to use word processing software
D. Ability to provide a healthy work environment
SUBMIT
Answers
Answer:
Ability to provide a healthy work environment
Explanation:
All the other answers comes with training and is dependant upon the role
Select the correct answer.
Which management function is also a financial responsibility?
A. lanning
B. organizing
C. staffing
D. coordinating
E. controlling
Answers
Answer:
The answer is...
planning
During planning, you use financial responsibility. Financial responsibility refers to the process of managing money and other similar assets in a way that is considered productive and is also in the best interest of the individual, or the family, or the business company.
Mark me brainliest if this helps.
The planning is the management function, which is also a financial responsibility.
What is a management function?Management functions mean the five broad activities that managers perform to achieve organizational goals: planning, organizing, staffing, directing, and controlling.
The first and the most important function of management is planning. Planning involves setting objectives in advance, a goal which is to be achieved within a stipulated time. Various alternatives are formulated in order to achieve the goals.
Thus, Option A is true as planning is the management function, which is also a financial responsibility.
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Which area of intellectual property law did this case address?
copyright
trademark
trade secrets
right of publicity
Answers
Answer:
A is correct :)
Explanation:
Answer:A is correct i took the assingment trust me!
Explanation:
If the market for soccer balls is saturated and the market for soccer nets is open, which combination makes the most sense for Sabrina’s Soccer?
Answers
If the market for soccer balls is saturated and the market for soccer nets is open, a combination which makes the most sense for Sabrina’s Soccer is: F.
What is a production possibilities curve?A production possibilities curve (PPC) is also referred to as the production possibilities diagram or the production possibilities frontier (PPF) and it can be defined as a type of chart that is typically used for illustrating the maximum and best combinations of two products that can be produced by a producer (manufacturer) in an economy, if they both depend on these two (2) factors;
Technology is fixed.Resources are fixed.Based on the production possibilities curve (see attachment), we can reasonably infer and logically deduce that the maximum and best combinations that would offer the most sense for Sabrina’s Soccer is option F with 0 for soccer balls and 5 for soccer nets.
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Marvel decided that since viewers like to binge-watch an entire season of a show in one sitting on netflix it would create a new channel for getting new offerings to consumers. This reflects a ________ strategy.
Answers
The decision by Marvel to start up a new channel based on what it noticed at Netflix is the Product Development strategy.
Product Development strategy Method used by companies to offer new products to customers. Involves looking at current products to develop newer and better ones.Marvel looked at the product being offered by Netflix and decided to use it to offer an even better product by opening a channel.
In conclusion, this is product development.
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. ray cortez rented a 16-foot truck to move into his new
apartment. he rented the truck for 2 days at a cost of
$37.50 per day plus $0.79 per mile. the collision waiver cost
$20.00. gasoline cost $74.60. ray drove 220 miles. what was
his cost per mile?
Answers
$343.40 is the total cost
Cost per mile = 343.4/220 = $1.56 per mile
A company can raise money by doing all but which of the following?
A. Conducting an initial public offering
O B. Taking a loan
C. Providing stock options to executives
D. Issuing bonds
Answers
Answer:
B
Explanation:
PLEASE HELP QUICK!!!
Which of the following is an advantage of buying your home over renting?
(1 point)
O You do not have to worry about the housing market in your area.
O The amount you pay each month is set by the terms of your mortgage.
O If something breaks, you have to fix it or pay to have it fixed.
O Your mortgage payments will far exceed the value of your home.
Answers
Answer:
The amount you pay each month is set by the terms of your mortgage.
Explanation:
connexus
Enter Mia’s total profit/loss for the month may account in the box below
Answers
Add total fixed and total variable expenses to get total expense.
9,000 + 300 = 9,300
Total expense = 9,300
To get total profit/loss, less total expenses from total revenue.
Total revenue = 9,500
9,500 - 9,300 = 200
Total profit/loss = $200
Out of the choices provided above, it can be concluded to state that the total accounting profits for Mel for the month of May as per the financial statements given above will amount to a total of $200. Therefore, the option D holds true.
What is the significance of accounting profits?The accounting profits can be referred to or considered as the profits that lead to a total of surpluses of cash balances and reserves for a particular accounting period. If the amount is not in excess of the expenses, it expresses a condition of an accounting loss for the firm.
In the situation given above, Mel's revenues were $9500, but her expenses were $9000 fixed and $300 variable. So, the accounting profits will be $200, i.e., $9500-($9000+$300)
Therefore, the option D holds true and states regarding the significance of accounting profits.
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The missing options are added below for better reference.
A. -$200
b. $300
c. $500
d. $200
name an internal data source that can be used for planning
Answers
Answer:
Sales. Internal data in the sales department include revenue, profits, and bottom line. ...
Finance. ...
Marketing. ...
Human Resource.
Why is fashion designer Kira's Plasinina father important
a. He is a businessman who helped her achieve her goals .
b. He liked her drawings .
c. He funded her ventures.
d. He was her inspiration
Answers
Niat ny mau bikin dua akun tapi malah kesasar :(
Answers
Answer:
I'm lost and I don't understand your language
John is putting together an employee handbook. One thing John should NOT include in the handbook is A paragraph that tell employees that as long as performance is satisfactory, they will be retained. A chapter on the history of the company. The work rules of the company. The appeals process for a disciplinary infraction. How to accrue vacation time.
Answers
The answer is a paragraph that tell employees that as long as performance is satisfactory, they will be retained.
You're given a monthly budget of $400 for social media advertising. You want to set a daily budget for February to insure you don't overspend for the month. What is your daily budget? (It is not a leap year.)
Answers
Answer:
$14.28
Explanation:
you will have a couple of cents left over at the end because you cant evenly divide 400 by 28
Define logistics management. Click the answer you think is right. It is the management of the movement of materials and information within, into, and out of a firm. It is the management of processes used to identify, acquire, and administer inputs to a firm. It is the management of the customer interface, including all aspects of order processing and fulfillment. It is the management of functional groups such as distribution, sales, order fulfillment, and customer service.
Answers
Answer:
The correct answer is the first option: It is the management of the movement of materials and information within, into and out of the firm.
Explanation:
To begin with, the term of "Logistics" refers to the detailed organization and implementation of a complex operation. When it comes to the business field, the companies that have logistics and they need to manage it, tend to organize as much as possible what they use as materials and information of the company that needs to be moved from one place to another and they use the management of the logistics so that process can be improve and the company can count with its resources whenever they need to.
A government spends money in order to:
A. influence which products will be available to U.S. consumers.
B. make sure government programs can function properly.
C. prevent foreign businesses from competing with U.S. companies.
D. decide what each employee at a U.S. company will be paid.
BMIT
Answers
Answer:
Options A and C is not related at all. I belive It's B.
Which is the best measurement to use to determine who might have the absolute advantage?
high opportunity cost
low opportunity cost
low efficiency
high efficiency
Answers
Answer:
low opportunity cost
Explanation:
Opportunity cost is described as a process in which an individual sacrifices something when they tend to choose one thing or option over another option or thing.
Low opportunity cost: The term "low opportunity cost" is determined as the possibility of an individual's chosen investment returns to be lower than the forgone investment's returns.
Answer:
High Efficiency
Explanation:
Edge 2021