Goals of data analysis Consider the following scenario. An economist seeks to estimate the magnitude of the price elasticity of demand of alcohol, which economic theory asserts is negative. This scenario most closely aligns with which of the following goals of data analysis? Quantifying relationships Describing the economy Testing hypotheses Predicting the future
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- Data table Two Stage Least Squares Estimates of the Demand for Cigarettes Using Panel Data for 48 U.S. States Dependent variable: In Regressor cigarettes i, 1995 In (pi $)-In pcigarettes i, 1995 In (Inci, 1995) - In (Inci, 1985) Intercept cigarettes Instrumental variable(s) First-stage F-statistic Overidentifying restrictions J-test and p-value - In cigrattes i, 1985 Q (1) -0.94** (0.21) 0.53 (0.34) -0.12 (0.07) Sales tax 33.70 Print (2) -1.34** (0.23) 0.43 (0.30) -0.02 (0.07) Cigarette-specific tax 107.20 (3) - 1.20** (0.20) 0.46 (0.31) -0.05 (0.06) Done Both sales tax cigarette-specif These regressions were estimated using data for 48 U.S. states (48 observations on the 10-year differenc data are described in Appendix 12.1. The J-test of overidentifying restrictions is described in Key Concept p-value is given in parentheses), and the first-stage F-statistic is described in Key Concept 12.5. Individual coefficients are statistically significant at the *5% level or **1% significance…Is auto correlation possible in cross-sectional data? why?Interpret the coefficients and calculate the price elasticity of soft drink demand.
- Topic is information economics1. A Travel-Cost Method Now it is time for your first consulting job as an environmental economist. The Forest Service would like to know whether they should preserve some national forest land, previously slated to be logged, for hiking. You are helping do a travel-cost analysis to estimate the annual benefits of hiking in this area. Survey data has been gathered from 500 hikers who visited the forest last year. This forest did not charge an entrance fee. Using a statistical technique called regression analysis, you have controlled for differences in income, employment status, age, and other important factors that might affect the number of hiking trips taken. Taking these factors into account, you have developed the following relationship: Zone 1 2 3 Population in zone 1,000 3.000 2,000 Cost Per Hiking Trip Per Person 20 40 80 Hiking Trips Taken Per Zonal Person Per Year 8 6 2 where cost includes gas, tolls, fares, hotels, entry fees, and the value of time spent traveling. a. Graph a…1. A Travel-Cost Method Now it is time for your first consulting job as an environmental economist. The Forest Service would like to know whether they should preserve some national forest land, previously slated to be logged, for hiking. You are helping do a travel-cost analysis to estimate the annual benefits of hiking in this area. Survey data has been gathered from 500 hikers who visited the forest last year. This forest did not charge an entrance fee. Using a statistical technique called regression analysis, you have controlled for differences in income, employment status, age, and other important factors that might affect the number of hiking trips taken. Taking these factors into account, you have developed the following relationship: Zone Population in Cost Per Hiking Hiking Trips zone Trip Per Person Taken Per Zonal Person Per Year 1 1,000 2 3,000 3 2,000 20 8 40 6 80 2 where cost includes gas, tolls, fares, hotels, and the value of time spent traveling. a. Graph a linear…
- Forecast the demand for the rice for a country for the year 2019 on the basis of 7-year data given in table: Year 2012 2013 2014 2015 2016 2017 2018 Population (millions) 10 12 15 20 25 30 40 Rice consumed (million tonnes) 40 50 60 70 80 90 100Topic: Regression Problem 3: A researcher is interested in determining whether there is a relationship between grades and hours studied for statistics. Hours studied(X) Grade on final(Y) 1 20 2 30 4 40 7 60 6 70 7 78 8 83 9 98 1- You are given data for Xi (independent variable) and Yi (dependent variable). 2- Calculate the correlation coefficient, r: r = -1 ≤ r ≤ 1 3- Calculate the coefficient of determination: r2 = = 0 ≤ r2 ≤ 1 This is the proportion of the variation in the dependent variable (Yi) explained by the independent variable (Xi) 4- Calculate the regression coefficient b1 (the slope): b1 = = Note that you have already calculated the numerator and the denominator for parts of r. Other than a single division operation, no new calculations are required. 5- Calculate the regression coefficient b0 (the Y-intercept, or constant):…The price for cigarettes sold by Big Tobacco Co Ltd was6.00 per packet in March 2018. During the month of March, the consumption of cigarettes was 1000 packets. However, the Board of Directors of Big Tobacco Co Ltd decided to increase the price by 25% during the month of April. As a manager you noted that price elasticity of demand was 0.8. As a manager Big Tobacco Co Ltd: Advise your management ofthe strategy that could be adopted by your firm to maintain sales.
- Operationalize the subjective concept 'Shopping dissatisfaction' and use the needed measurement scales.TABLE 12.1 | Two Stage Least Squares Estimates of the Demand for Cigarettes Using Panel Data for 48 U.S. States Dependent variable: In(Qfte) – In(Qfte) cigarettes Regressor (1) (2) (3) In(Peisarettes) - In(Pçigarettes -0.94** -1.34** -1.20** i,1995 i,1985 (0.21) (0.23) (0.20) In(Inc;1995) – In(Inc;1985) 0.53 (0.34) 0.43 (0.30) 0.46 (0.31) Intercept -0.12 -0.02 -0.05 (0.07) (0.07) (0.06) Both sales tax and Instrumental variable(s) Sales tax Cigarette-specific tax cigarette-specific tax First-stage F-statistic 33.70 107.20 88.60 Overidentifying restrictions J-test and p-value 4.93 (0.026) These regressions were estimated using data for 48 U.S. states (48 observations on the 10-year differences). The data are described in Appendix 12.1. The J-test of overidentifying restrictions is described in Key Concept 12.6 (its p-value is given in parentheses), and the first-stage F-statistic is described in Key Concept 12.5. Individual coefficients are statistically significant at the *5%…What is the difference between an unbiased estimator and a consistentestimator?