Four hundred driver's license applicants were randomly selected and asked whether they passed their driving test (Pass; = 1) or failed theirtest (Pass; = 0); data were also located on their gender (Male; = 1 if male and = 0 if female) and their years of driving experience(Experience,, in years). The following table summarizes the results from several probit, logit and linear probability models.Dependent variable: Pass.Regression ModelLogitLPMProbitProbit(1)Logit(2)LPM(3)Probit(4)Regressor(5)(6)0.0390.0430.0080.045Experience(0.008)(0.014)(0.003)(0.158)-0.623-0.071-0.171Male- 0.338(0.162)(0.307) (0.035)(0.261)-0.012Malex Experience(0.022)0.8020.7181.0570.7791.2882.1970.904Constant(0.128)(0.221) (0.036) (0.127) (0.244)(0.023)(0.202)Use the results in column (2) to answer the following questions.Is the coefficient on Experience significant at any reasonable level?OA. The coefficient on Experience is significant at the 5%, but not at the 1% significance level.B. The coefficient on Experience is significant at the 10%, but not at the 5% or 1% significance level.C. The coefficient on Experience is not significant at any reasonable level.D. The coefficient on Experience is significant at the 1% significance level.John has 20 years of driving experience. What is the predicted probability that he will pass the test?The predicted probability that John will pass the test is

ependent variable: Pass. egression Model Probit Logit LPM Probit Logit egressor (1) (2) (3) (4) (5) 0.039 0.043 0.008 perience (0.008) (0.014) (0.003) -0.338 -0.623 ale (0.162) (0.307) alex Experience 0.718 1.057 0.779 1.288 2.197 onstant (0.128) (0.221) (0.036) (0.127) (0.244) Its in column (2) to answer the following questions. ient on Experience significant at any reasonable level? coefficient on Experience is significant at the 5%, but not at the 1% significance level. coefficient on Experience is significant at the 10%, but not at the 5% or 1% significance level. coefficient on Experience is not significant at any reasonable level. coefficient on Experience is significant at the 1% significance level. years of driving experience. What is the predicted probability that he will pass the test? The predicted probability that John will pass the test is LPM (6) -0.071 (0.035) 0.904 (0.023)

ependent variable: Pass. egression Model Probit Logit LPM Probit Logit egressor (1) (2) (3) (4) (5) 0.039 0.043 0.008 perience (0.008) (0.014) (0.003) -0.338 -0.623 ale (0.162) (0.307) alex Experience 0.718 1.057 0.779 1.288 2.197 onstant (0.128) (0.221) (0.036) (0.127) (0.244) Its in column (2) to answer the following questions. ient on Experience significant at any reasonable level? coefficient on Experience is significant at the 5%, but not at the 1% significance level. coefficient on Experience is significant at the 10%, but not at the 5% or 1% significance level. coefficient on Experience is not significant at any reasonable level. coefficient on Experience is significant at the 1% significance level. years of driving experience. What is the predicted probability that he will pass the test? The predicted probability that John will pass the test is LPM (6) -0.071 (0.035) 0.904 (0.023)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Problem 2: As a building designer, you have been asked to analyze and select the best window frame type alternative-either aluminum or steel. The project is located in a remote area, and the nearest industrial area hosting steel and aluminum windows frames manufacturers is 250 km away. All project windows are identical, and the circumference of the window frame is 6.2 meter. A crew of two labors is required to manufacture one steel frame. It takes 2.5 hours to manufacture the first window every day, and the learning rate is 0.9. The number of production units is per day is limited to 8. The weight of steel is 12 kg per meter, and the weight of aluminum is 4.5 kg per meter. The cost of steel is 0.4 OMR per kg and the cost of aluminum 1.1 OMR per kg. If 45 windows frames are required for the project, the crew cost is 3 OMR per hour for steel frames and 3.6 for aluminum frames, and the transportation, price is 0.01 OMR per kg per 50 km, which alternative would you select?
The total cost a power plant ($/megawatts) to produce electricity is Y=12+1.3X+0.24 X2 , where X is in megawatts. The estimated selling price of electricity is (16-0.23X) per megawatts. Find the value of X that maximizes profit. Group of answer choices Less than 10 megawatts Between 10-12 megawatts Between 12-14 megawatts More than 14 megawatts Dont
Find f'(x). 2 X +2 f(x) = 7x - 6 f'(x) = %3D
Please also provide solution to questions 4,5, and 6.
Q Total Cost ATC AFC MC 0 10 - - - 10 12 12/10=1.2 10/10=1 12-10/10-0=0.2 20 16 16/20=0.8 10/20=0.5 16-12/20-10=0.4 30 26 26/30=0.867 10/30=0.333 26-16/30-20=1 40 38 38/40=0.95 10/40=0.25 38-26/40-30=1.2 50 75 75/50=1.2 10/50=0.2 75-38/50-40=3.7 60 120 120/60=2 10/60=0.167 120-75/60-50=4.5 If the market price is $1.00 then what output or q (in the units of 10) is the most profitable production level?
A company finds that it can sell out a certain product that it produces, at the rate of Tk. 2 per unit. 1 It estimates the cost function of the product to be Tk. 1000 + 2 50 for q units produced. (i) Find the expression for the total profit, if q units are produced and sold. (ii) Find the number of units produced that will maximize profit. (iii)What is the amount of this maximum profit? (iv) What would be the profit if 6000 units were produced?
A jeweler is considering producing a limited edition diamond bracelet, and she is trying to decide how many bracelets to produce. The table gives her estimated total cost for various production levels as well as the price she would charge for each bracelet. Number of bracelets 100 200 300 400 500 600 Total cost (thousands) Price per bracelet $215 $7900 $420 $7400 $625 $5900 $820 $5000 $1015 $4200 $1205 $3600 (a) of the production levels listed in the table, which gives the highest profit? (b) Estimate the marginal cost and marginal revenue when 400 bracelets are made. marginal cost $ marginal revenue $