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Consider the lawsch85 dataset from the wooldridge package in R (you can load this dataset using data(lawsch85) after loading the wooldridge package)

#### Consider the lawsch85 dataset from the wooldridge package in R (you can load this dataset using data(lawsch85) after loading the wooldridge package)

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Economics

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Consider the lawsch85 dataset from the wooldridge package in R (you can load this dataset using data(lawsch85) after loading the wooldridge package). Using R, estimate the following equation: Isalary = Bo + BiLSAT +B2GPA+ +B3lcost + Bullibvol + u Suppose an observation i has the following values for the independent variables: • LSAT = 162 GPA= 3.2 lcost = 9.7 • llibvol = 5.4 What value of lsalary do we expect this observation to have? Round your answer to two decimal places. Consider the wage2 dataset from the wooldridge package. Using R, estimate the simple regression model: log(wage);= Bo + Bieduci + Wi. Next, estimate the multiple regression model: log(wage);= Bo + Bieduci + B2KWW; +Wi. Calculate the omitted variable bias from the simple regression model, assuming that the multiple regression model is the "correct" model. Round your answer to three decimal places.

The Indicator from Planet Money Podcast Memo

The Indicator is a podcast about economics topics in the news. The episodes are short (8-10 minutes), but usually packed with information that is current and interesting. The purpose of this **one-page** memo is to connect the theory of microeconomics to the real world around us. It’s a pretty simple assignment.

Memo Requirements:

Go to the site page for the indicator and pick an episode that seems interesting from the last 6 months. https://www.npr.org/podcasts/510325/the-indicator-from-planet-money (Links to an external site.)

Be sure to include the title of the episode in your memo. You don’t need to summarize the entire episode – we are trying to instead connect the podcast to the course material.

Each memo should identify at least **two specific concepts a**nd explain how they are used in or relate to the podcast episode you picked

The entire thing should be one page in length (roughly 200-300 words is a good guide)