Without running any additional tests, what can you say about the joint significance of all independent variables in the model? Which statistic(s) helps you to answer this question? . regress wages education workexp unionmember south ib(last).occupation femaleSourceModelResidualTotalwageseducationworkexpunionmembersouthoccupationManagementSalesClericalServiceProfessionalfemaleconsSS4477.324989599.3735714076.6985Coefficient.6722878.09369551.517377.6885843df·10447.732498523 18.3544428Std. err.533 26.41031620990429. 0165623.50835654150423MS2.799024.756551-1.17642.8139971-.54809446319067-1.349161 .60659751.531115.6888258-1.845267 .4152299-.8195072 1.348736Number of obsF(10, 523)Prob > FR-squaredAdj R-squaredRoot MSEt P>|t|6.79 0.0005.66 0.0002.98 0.003-1.66 0.0983.70 0.000-1.45 0.149-0.87 0.3860.027-2.222.22 0.027-4.44 0.000-0.61 0.544===.4777169.0611587.5187055-1.503939=1.312772-2.775525-1.789482-2.540828. 1779095=-2.66099-3.469113=[95% conf. interval]53424.390.00000.31810.30504.28428668586. 12623222.516049.12677054.285276.4226859.6932927-.15749362.88432-1.0295441.830098

The test for the joint significance of all independent variables is used to check whether the…

Answered: Without running any additional tests,…

Without running any additional tests, what can you say about the joint significance of all independent variables in the model? Which statistic(s) helps you to answer this question

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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b. The following model is a simplified version of the multiple regression model used by BEST Econometrics Group to study the trade off between time spent sleeping and working to look at other factors affecting sleep: sleep Bo + B₁totwrk + B₂educ + Page + μ₁ where sleep and totwork (total work) are measure in minutes per week and educ and age are measured in years. (i) If adults trade sleep for work, what is the sign of B₁? (ii) What signs do you think ₂ and 3 will have? (iii) Using the data in SLEEP75.RAW, the estimated equation is sleep = 3,638.25-.148totwrk-11.13educ - 2.20age, n = 706, R² = .113 If someone works five hours per week, by how many minutes is sleep predicted to fall? Is this a large tradeoff? (iv) Discuss the sign and magnitude of the estimated coefficient on educ (v) Would you say totwrk, educ, and age explain much of the variation in sleep? (vi) What other factors might affect the time spent sleeping? (vii) Are these likely to be correlated with totwrk?
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