Suppose that a score on a final exam depends on classes attended (attend) and theunobserved factors that affectexam performance (such as student ability). Then we wouldexpect the model to be written asa. Score = Po + B₁attend + μ=b. Score Bo+ ẞ₁final + μC.ScoreBo+B₁student ability + μd. All the statements are correcta. aO b. bО с.Cd. d

lets check the options a. Score = β0 + β1 attend + μThis model has an error component (μ) that…

Answered: Suppose that a score on a final exam…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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You want to make a model showing how people decide to decorate their houses and lawns. You assume that homeowners follow the art idea of the "Golden Ratio" to decide where one item should be in relation to another. In reality, the homeowners have never heard of the "Golden Ratio," but the predictions made by your model are still very close to how things end up decorated. An economist would say your model O is not ideal due to the lack of realism O is effective as long as the homeowners learn to use the Golden Ratio in decorating as a result of your study is effective because economics focuses on predictions from models, not the assumptions used to create them O is not ideal because it does not look sufficiently like the real world
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