Description of Assessment Task and Purpose:
1) Produce a summary statistics table (mean, standard deviation, minimum and maximum) for your dataset and provide comments. (4 marks)
2) Compute the correlation coefficients for each pair-wise combination of independent variables. Is there a high collinearity between any pair of variables? (4 marks)
3) Plot a histogram of wage with a normal distribution overlay. Copy the graph in your assignment. Does the distribution of wage appear close to normal? Explain. (3 marks)
4) Run the regression of wage on educ and report the results in the usual form, including the R-squared. Use conventional standard errors. Interpret the coefficient on educ and comment on its sign and magnitude. (4 marks)
Questions from 5-10 refer to the regression model from question 4.
5) Create the regression line plot. Copy the graph in your assignment. (3 marks)
6) Is variable educ statistically significant? Report the p value and explain your answer. (2 marks)
7) What is the predictive power (goodness of fit) of the model? Explain. (3 marks)
8) Test for normality of error terms. Report the result. What can you conclude based on the test? (3 marks)
9) Test the null hypothesis of homoscedasticity using the White test, report and interpret the results. (4 marks)
10) Estimate the model with heteroskedasticity-robust standard errors. What can you comment on the inference from the model with the usual (conventional) standard errors? Does using the heteroskedasticity-robust standard errors change the outcome in any important way? (5 marks)
11) Run the regression of wage on educ, exper, tenure, south, urban and married. Report the results in the usual form, including the R-squared. Use conventional standard errors. Interpret the coefficients on each variable and comment on their sign and magnitude. (12 marks)
Questions from 12-18 refer to the regression model from question 11.
12) Create the regression line plot. Copy the graph in your assignment. (3 marks)
13) What is the predictive power (goodness of fit) of the model in question 9? Explain and compare with the goodness of fit from the model in question 4. (3 marks)
14) Test for normality of error terms. Report the result. What can you conclude based on the test? (3 marks)
15) Which of the variables are statistically significant at the 5% level? Explain your results. (4 marks)
16) Which of the variables are statistically significant at the 1% level? Explain your results. (4 marks)
17) Report the average variance inflation factor (VIF) of the model in question 9. Based on it, is multicollinearity a concern in the estimated model? (3 marks)
18) Apply the Breusch-Pagan test for heteroskedasticity and report the result. What do you conclude from the test? (4 marks)
19) Estimate the model from question 9 with heteroskedasticity-robust standard errors. What can you comment on the inference from the model with the usual (conventional) standard errors? (5 marks)
Questions from 20-25 refer to the regression model from question 19.
20) Test the joint null hypothesis that south=0 and married=0. Report the result and p value. What can you conclude from the test? (4 marks)
21) Test the null hypothesis that educ=tenure. Report the result and p value. What can you conclude from the test? (4 marks)
22) Test the null hypothesis that urban =married. Report the result and p value. What can you conclude from the test? (4 marks)
23) Test the joint null hypothesis that educ= 0 and exper=0. Report the result and p value. What can you conclude from the test? (4 marks)
24) Test the null hypothesis that educ=70. Report the result and p value. What can you conclude from the test? (4 marks)
25) Test the null hypothesis that south= -90. Report the result and p value. What can you conclude from the test? (4 marks)
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