The Minister of Finance has hired you as an economic consultant to estimate the impact of a new tax on carbon use on household spending. To do this, you have obtain data for a large sample of 1,500 individuals over the last 5 years (7,500 observations in total) in the United Kingdom where a carbon tax was put in place 3 years ago. You start with a very simple regression model to get a feel for the data: Y = A+ BX + e where Y = annual spending on all goods and services and X = tax price on carbon. Unfortunately the tax price on carbon varies by type of individual, so it is measured with error. a) If the true value of B is known to be -0.79, based on reliable estimates for other countries, the variance of the measurement error is estimated to be 2.4, and the varian of X is estimated to be 1.6, the estimated slope coefficient for B could be biased by an amount equal to: b) This type of measurement error will result in the slope B being:

The Minister of Finance has hired you as an economic consultant to estimate the impact of a new tax on carbon use on household spending. To do this, you have obtain data for a large sample of 1,500 individuals over the last 5 years (7,500 observations in total) in the United Kingdom where a carbon tax was put in place 3 years ago. You start with a very simple regression model to get a feel for the data: Y = A+ BX + e where Y = annual spending on all goods and services and X = tax price on carbon. Unfortunately the tax price on carbon varies by type of individual, so it is measured with error. a) If the true value of B is known to be -0.79, based on reliable estimates for other countries, the variance of the measurement error is estimated to be 2.4, and the varian of X is estimated to be 1.6, the estimated slope coefficient for B could be biased by an amount equal to: b) This type of measurement error will result in the slope B being:

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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