Part 1: OLS basics Consider the data in the table below. Y X 3 1 4 8 3 2 1 7 1. In the space below (or on a separate sheet of paper), plot all observations of the table above and draw the OLS regression line. You can estimate the slope and constant of the OLS regression line by hand, with Stata, or with Excel (you don't have to show your workings). Don't forget to label the axes.

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Part 1: OLS basics
Consider the data in the table below.
Y
X
3
1
8.
3
2
1
7
1. In the space below (or on a separate sheet of paper), plot all observations of the table
above and draw the OLS regression line. You can estimate the slope and constant of
the OLS regression line by hand, with Stata, or with Excel (you don't have to show
your workings). Don't forget to label the axes.
2. The slope coefficient for a regression of Y on X is
3. The constant of a regression of Y on X is
4. The residual for the first observation in the table is
5. The average value of the residuals is
Transcribed Image Text:Part 1: OLS basics Consider the data in the table below. Y X 3 1 8. 3 2 1 7 1. In the space below (or on a separate sheet of paper), plot all observations of the table above and draw the OLS regression line. You can estimate the slope and constant of the OLS regression line by hand, with Stata, or with Excel (you don't have to show your workings). Don't forget to label the axes. 2. The slope coefficient for a regression of Y on X is 3. The constant of a regression of Y on X is 4. The residual for the first observation in the table is 5. The average value of the residuals is
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