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Recently the European Community (EC) decided to lower its subsidies to makers of pasta. In deciding by what amount to reduce total subsidies, experiments were carried out for determining the possible reduction in exports, mainly to the United States, that would result from the subsidy reduction. Over a small range of values, economists wanted to test whether there is a positive correlation between level of subsidy and level of exports. A computer simulation of the economic variables involved in the pasta exports market was carried out. The results follow. Assuming that the simulation is an accurate description of reality and that the values obtained may be viewed as a random sample of the populations of possible outcomes, state whether you believe that a positive rank correlation exists between subsidy level and exports level over the short range of values studied
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- Sherwin-Williams Company is attempting to develop a demand model for its line of exterior house paints. The company’s chief economist feels that the most important variable affecting paint sales (Q) (measured in gallons) is the Selling price (P) (measured in Ghana cedis per gallon). The chief economist decides to collect data on the variables in a sample of 10 company sales regions that are roughly equal in population. Data on paint sales, and selling prices were obtained from the company’s marketing department. The data are shown in the table below: Sherwin-Williams Company Data Sales Region Sales (Q) Selling Price (P) (GHS/Gallon) 1 160 15 2 220 13.5 3 140 16.5 4 190 14.5 5 130 17 6 160 16 7 200 13 8 150 18 9 210 12 10 190 15.5 Specify the linear demand model for Sherwin-William’s paint. Estimate the demand…UBC coaching center has two branches in Dhaka: one in Dhanmondi (Branch A) and another one in Mohammadpur (Branch B). To understand their students' performance, the coaching center conducts the same test in both branches. A sample of 8 students have been selected from branches A and B respectively, and the following table shows data on their performance. Use appropriate non-parametric methods on the data to find out whether there is a statistically significant correlation between the ranks of the students’ performance of the two branches.?You must identify the relationship between housing price and size. In this experiment, you have collected data from four major cities, namely Birmingham, Manchester, Bristol and Glasgow. What method is suitable for studying this project? Give an explanation.
- In a study aimed at creating reference values, abdominal circumference (measured in cm) was measured in adult men. It was found that the relationship to age could be described as abdominal circumference = 82 + 0.3 x age a) What is the analysis that produces such a formula called? b) At what age is the average abdominal circumference 100 cm?Number of Scenario Firms Type of Product Market Model A large city has lots of small shops where people can buy sweaters. Each store's sweaters reflect the style of that particular store. Additionally, some stores use higher-quality yarn than others, which is reflected in their price. Dozens of companies produce plain white socks. Consumers regard plain white socks as identical and don't care about who sells them their socks. The technology for producing socks is widely known, and any reputable person who wanted to start a sock manufacturing business could obtain a loan from a bank to buy the necessary machinery. In a large city, two taxi companies own all the licenses that the city will grant to operate taxis. Consumers don't care which cab company they take-if they decide it's worth taking a cab, they flag down the nearest one. The government has granted the U.S. Postal Service the exclusive right to deliver mail.Researchers conducted an observational study of automobile drivers and their cell phone use by manually observing traffic in heavily congested areas. They would record the amount of time they observed individual drivers on the phone while operating their vehicle in stop and go traffic and the number of accidents on a particular section of highway over the course of a month. The accompanying graph depict the data they recorded, each point represents a 1 mile section of heavily congested roads. From the data, which of these is a potentially valid conclusion? Cell-phone use while driving increases the rate of accidents. O Car accidents and cell-phone use have no relationship. The increasing rate of car accidents causes increased phone-call length. A conclusion cannot be made; the data ignores the omitted variable of which cell-phone provider each person uses. If the x and y variables were swapped, what would the new slope be? zero positive Number of car accidents 10- 9- 8- 7- 5- 4- 3- 2-…
- We have a random sample of workers from a large firm. In 2017, the firm ran a training program. Some workers did the training program, others did not. The firm now wants to assess the effect of the training on earnings. We use the following model to estimate the effect of a training program on annual earnings in 2018: ln(earn2018)=β0+β1train+β2ln(earn2016)+β3educ+β4exper+u where earn2018 = individual total annual earnings in 2018 in dollars train = a dummy variable that takes the value 1 if the individual worker did the training in 2017 and 0 otherwise earn2016 = individual total annual earnings in 2016 in dollars educ = the individual's years of education exper = the individual's years of experience We find: ln(earn2018)^= 11.672 + 0.041train + 0.821ln(earn2016) + 0.037educ + 0.012exper (5.864) (0.019) (0.258) (0.013) (0.007) n=1278, R2= 0.048 Which of the following is the correct interpretation of the…A large mail-order house believes that there is a linear relationship between the weight of the mail it receives and the number of orders to be filled. It would like to investigate this relationship in order to predict the number of orders to be filled based on the weight of the mail. From an operational perspective, knowledge of the number of orders to be filled will help in the planning of the order-fulfillment process. A sample of 15 mail shipments is selected within a range of 200 to 700 pounds. The results are as follows. Weight of Mail (Pounds) Orders to be Filled (In Thousands) 240 6.5 290 9.0 237 7.2 380 11.5 342 10.3 384 10.6 482 14.5 430 13.6 409 12.8 553 16.5 572 17.1 501 15.8 628 19.0 670 19.6 620 19.2 a. Construct a scatter plot using Excel. b. Assuming a linear relationship, determine the regression results by using Excel. What are the values for the regression coefficients b0…We have a random sample of workers from a large firm. In 2017, the firm ran a training program. Some workers did the training program, others did not. The firm now wants to assess the effect of the training on earnings. We use the following model to estimate the effect of a training program on annual earnings in 2018: ln(earn2018)=β0+β1train+β2ln(earn2016)+β3educ+β4exper+u where earn2018 = individual total annual earnings in 2018 in dollars train = a dummy variable that takes the value 1 if the individual worker did the training in 2017 and 0 otherwise earn2016 = individual total annual earnings in 2016 in dollars educ = the individual's years of education exper = the individual's years of experience Now, I want to test whether the effect of an additional year of education increases earnings by twice as much as an additional year of experience. My null hypothesis is H0:β3=2β4. To get the standard error I need to conduct this hypothesis test, I rearrange or re-parameterise…
- We are interested in analysing the effect of the lockout laws introduced in some areas of the Sydney CBD and nearby surrounds on the number of alcohol-related violent incidents. Suppose we have two samples of data on the number of violent incidents in a number of local areas of the Sydney CBD and nearby surrounds. Pubs, hotels and clubs located in a subset of these areas became subject to the lockout laws when they were introduced in 2014. The first sample is from 2010 before the introduction of the lockout laws, and the second is from 2015 after the introduction of the law. The hypothesis we wish to test is that the introduction of the lockout laws reduces violent incidents in the areas in which the lockout laws were put in place. We use a difference-in-difference model on the pooled data from 2010 and 2015. We find the following results: viol_inc hat = 33.21 (5.29) + 12.43lockout (7.01) – 4.19Yr2015 (2.98) – 3.32 (lockout x Yr2015) (1.85) N = 181, R^2 = 0.128 Where: viol_incis the…A researcher investigated whether a father's level of optimism was predictive of his son's optimism as a young adult. Twenty (20) fathers and sons who agreed to participate in the study were administered a scale measuring their current level of optimism (the scale ranged from 10 to 50), with higher scores indicating greater optimism.Question 3 Programming exercise for R Studio This question requires the use of the software R Studio. Specifically, you need to create a short R script. Please attach your R script and outputs to your Assignment. Please perform 2 Monte Carlo Experiments and investigate the behaviour of the sum of all the sample data. Consider the example of rolling a dice four times in a row. A sample now consists of four independent random draws from the set {1,2,3,4,5,6). For instance, your sample set may be {2,5,1,1). It is apparent that the sum of these four random variables (2+5+1+1=9) is also a random variable. We can use R's random number generation to learn more about the distribution of the sample sum. The basic idea is to simulate outcomes of the true distribution repeatedly drawing random samples of 4 observation (rolling the dice four times). To perform these simulations in R, please proceed as follows: 2 1. Set the sample size equal 4 and the number of samples (repetitions) to be drawn…