a) Find Beta1_hat from the above information.b) Find Beta0_hat from the above information.c) Find the standard error of the residual from the above information.d) Find the R-squared of the modee) Which of the following parameters are statistically significant?beta0_hatbeta1_hatAll of the aboveNone of the above Question 8One of the crucial topics of labor economics is to estimate the returns to school. In other words, laboreconomists are often interested to study the impact of years of education on the wage. For thispurpose, you have been given following required information. It contains the following information inthe following order:1) Summary Statistics2) Correlation Matrix3) ANOVA and Regression EstimatesAll of the above tables are generated in Stata using CPS dataWage; = Bo + Bieducation; + HiVariableObsMeanStd. dev.MinMax5007.6679364.5503.924964425.0006wageeduc50013.0322.712506418(obs=500)wageeduc1.0000wageeduc0.36861.0000SourceSSdfMSNumber of obs500%3DF(1, 498)78.28Model1403.467661MSM?Prob > F0.0000Residual8928.44252498R-squaredAdj R-squaredMSR?0.1341Total10331.9102499MSTRoot MSE4.2342wageCoefficientStd. err.P>|t|[95% conf. interval]educ.06987990.000.4809771.7555685betal hatbeta0 hatcons.93015340.676-2.2169041.438113

For simple linear regression the t-score for coefficients β0 and β1 are given by the formula…

Answered: a) Find Beta1_hat from the above…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Question

a) Find Beta1_hat from the above information.
b) Find Beta0_hat from the above information.
c) Find the standard error of the residual from the above information.
d) Find the R-squared of the mode

e) Which of the following parameters are statistically significant?
beta0_hat
beta1_hat
All of the above
None of the above

Question 8
One of the crucial topics of labor economics is to estimate the returns to school. In other words, labor
economists are often interested to study the impact of years of education on the wage. For this
purpose, you have been given following required information. It contains the following information in
the following order:
1) Summary Statistics
2) Correlation Matrix
3) ANOVA and Regression Estimates
All of the above tables are generated in Stata using CPS data
Wage; = Bo + Bieducation; + Hi
Variable
Obs
Mean
Std. dev.
Min
Max
500
7.667936
4.5503
.9249644
25.0006
wage
educ
500
13.032
2.712506
4
18
(obs=500)
wage
educ
1.0000
wage
educ
0.3686
1.0000
Source
SS
df
MS
Number of obs
500
%3D
F(1, 498)
78.28
Model
1403.46766
1
MSM?
Prob > F
0.0000
Residual
8928.44252
498
R-squared
Adj R-squared
MSR?
0.1341
Total
10331.9102
499
MST
Root MSE
4.2342
wage
Coefficient
Std. err.
P>|t|
[95% conf. interval]
educ
.0698799
0.000
.4809771
.7555685
betal hat
beta0 hat
cons
.9301534
0.676
-2.216904
1.438113

Definition Definition Measure of central tendency that is the value that occurs most frequently in a data set. A data set may have more than one mode if multiple categories repeat an equal number of times. For example, in a data set with five item—3, 5, 5, 29, 473—the mode is 5 because it occurs twice and no other value occurs more than once. On a histogram or bar chart, the element with the highest bar represents the mode. Therefore, the mode is sometimes considered the most popular option. The mode is useful for nominal or categorical data (e.g., the most common color car that users purchase), but it is problematic for continuous data because it is more likely not to have any value that is more frequent than the other.

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