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Homework answers / question archive / Consider the regression model: Y = Bo + B1X + u Which of the following assumptions would, if not satisfied, lead to a biased estimate of Bo and B?? Our - N(0, 02) O var(Wi)=o?, for all i O E(U|X)=0 Ourtn-k-1 You are the manager of a factory that makes a single output good

Consider the regression model: Y = Bo + B1X + u Which of the following assumptions would, if not satisfied, lead to a biased estimate of Bo and B?? Our - N(0, 02) O var(Wi)=o?, for all i O E(U|X)=0 Ourtn-k-1 You are the manager of a factory that makes a single output good. You are in charge of scheduling workers, and get to choose the number of worker-hours utilized in the production process. You collect data on the amount of output produced per day and the number of worker-hours used each day. Let output be the quantity of the output good produced and workers be the number of worker hours (both measured per day). Which of the following models would allow for diminishing marginal product of labor? O output = Bo + Biworkers + u output = Bo + Biworkers + B2 workers? + u O workers = Bo + Bioutput + Baoutput? + u O workers = Bo + Bioutput + u

You are an analyst for a retail company. Your boss asks you to determine if access to public transportation is associated with customer spending. As a first step, you formulate the following model: log(spend;)= 4.6 + 1.32 log(income;)+0.46hhsize; +0.56 publici + Wi (1.45) (0.70) (0.75) (0.32) where i indexes customers; spend is customer spending at the nearest company store; income is household income; hhsize is household size; and publicis a dummy variable that equals 1 if the customer used public transportation to arrive at the store, o otherwise. What is the elasticity of customer spending with respect to household income? Using the sleep75 data set from the wooldridge package, estimate the equation log(wage)= Bo + Bieduc + B2exper+ +34 sleep_hours + B5educ * sleep_hours + u Suppose we want to test the hypothesis that workers with the same amount of education but different amounts of sleep have the same returns to education against a two-sided alternative hypothesis. What is the p-value associated with this test?