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- Please don't provide hand written solutionSuppose that you have the following model and data to estimate the following equation; Nobs Y X2 X3 1 1 1 3 2 2 2 2 3 4 4 5 4 3 3 4 5 2 5 1 Find the OLS estimators for the parameters using the matrices above.Obtain a time-series of minimum of 35 observations, for three variables of your own choice of country from world development indicators (WDI) data source. However, the choice of variables should be guided by an economic model from Macroeconomics. These variables should be representing an economic model where one variable (Y) is deemed to be dependent on the others (Xs are independent variables). Provide full sources and definitions for those series
- Please show complete solution. Thank you!For each of the four models above calculate the elasticity of gas price to oil price; indicate what determines its value if it is not constant; compute its numerical value assuming both variables equal their sample average. The sample averages of each variable are the following gas = 4 . 2 0 8 oil = 5 7 . 9 4 Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.It is known that beef increased its weekly demand from 70 to 85 tons/week (although its price remained unchanged) when the price of pork increased from $45 to $65/kg. Determine a) The linear model where the demand “Qx” s for beef depends on the price of pork, in its form Qx = mPy + b; any other way of representing the model will not be evaluated.b) The type of elasticity of beef with respect to pork c)The coefficient of elasticity d)How much is Exy worth when 90 tons/week of beef is demanded?How much will the variation in the price of pork affect the income of beef producers?
- Write first-order model relating E(y) to four quantitative independent variables.Econometrics Thomas Eisensee and David Stromberg wanted to measure how much news coverage of a foreign disaster impacted the amount of disaster relief provided by the U.S. government. They argue that the simple relationship would be biased. Let X = Minutes of News Coverage and Y= Disaster Aid. Choose a variable X2 that could bias the simple relationship. This variable should impact the amount of coverage and impact the amount of aid for reasons other than purely news coverage. Eisensee and Stromberg introduce an instrument Z = During the Olympics. Explain how Z could satisfy the relevant and exogenous criteria. Explain how you could use Z to estimate the impact of X on Y free from X2 bias. Hint: you should mention two stages.Suppose the researcher considers the following model : Wage = Bo+B,Female + u, and runs OLS, using wage data on 250 randomly selected male workers and 280 female workers. The researcher has obtained the estimated equation as Wage = 15 (1.00) 3 Female, R = 0.05. (0.5) In the equation, Wage is measured in dollars per hour, Female is a binary variable that is equal to 1 if the person is a female and O if the person is a male. The numbers in the parentheses are the standard errors of the coefficients. Which Statement is NOT correct? The coefficient of Female, -3.00, is statistically significant at 5%. O The p-value for the test that Ho: B = 0, H : B 0 is less than 0.05. This regression may suffer omitted variable bias. R Since insignificant. is too low, the wage difference between men and women is The researcher can increase R- by including more regressors in the model.
- Question 8/27 With Logit model, an estimated econometric model has information as follows: Dependent variable is the probability to be in the labor force (inlbforce): Inlbforce: =1 if being in the labor force; 2 independent variables: Age: age in years; Educ: education level; Kids6: number of kids less than 6 years old. All indep variables are statistically significant. The estimated coefficient of Age equals -0.035; The estimated coefficient of Edh equals 0.0261; The estimated coefficient of Kids6 equals -0.103; Intercept coefficient equals-1.283 The right value of z when age = 45, educ = 13, kids6 = 2 equals: O -2.7247 O -3.7256 O 3.7247 Go to question * PREVIOUS NEXT > AddressSolve it correctly please.I will rate accordinglyDescribe the recommended approach towards determining model specification.How does the R2 help in determining an appropriate model? Is theideal model the one with the highest R2? Should a regressor be included in the model if it increases the model R2?