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  • Department of Economics: Problem Set 2 Thursday 17 Nov 2022

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    Mpolokeng Hlabana
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    This document provides instructions for Problem Set 2 in the course EC3305: Introductory Econometrics I. It includes questions about interpreting a table of data, estimating a demand equation for gasoline with standard errors in parentheses, finding the 95% critical value from the t distribution and 95% confidence interval for a parameter, and determining if there is a linear relationship between variables given an R2 value, sample size, and number of independent variables. Students are asked to answer subquestions about the demand equation coefficients, confidence intervals, income elasticity, and linear relationships.

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    This document provides instructions for Problem Set 2 in the course EC3305: Introductory Econometrics I. It includes questions about interpreting a table of data, estimating a demand equation for gasoline with standard errors in parentheses, finding the 95% critical value from the t distribution and 95% confidence interval for a parameter, and determining if there is a linear relationship between variables given an R2 value, sample size, and number of independent variables. Students are asked to answer subquestions about the demand equation coefficients, confidence intervals, income elasticity, and linear relationships.

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    6 views2 pages

    Department of Economics: Problem Set 2 Thursday 17 Nov 2022

    Uploaded by

    Mpolokeng Hlabana
    This document provides instructions for Problem Set 2 in the course EC3305: Introductory Econometrics I. It includes questions about interpreting a table of data, estimating a demand equation for gasoline with standard errors in parentheses, finding the 95% critical value from the t distribution and 95% confidence interval for a parameter, and determining if there is a linear relationship between variables given an R2 value, sample size, and number of independent variables. Students are asked to answer subquestions about the demand equation coefficients, confidence intervals, income elasticity, and linear relationships.

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    EC3305: Introductory Econometrics I

    Department of Economics
    Problem Set 2 Thursday 17th Nov 2022

    Question 1
    a. Interpret the following Table,

    b. From the estimation of a demand equation for the gasoline market (with n=36)
    and standard errors in parenthesis

    i. Find the 95% critical value from t distribution


    ii. Find the 95% confidence interval for βinc

    iii. Is demand for gasoline income inelastic?

    c. Using the earnings equation from above, determine whether there is at least
    one independent variable linearly related to the dependent variable given that
    R2 is 0.040995, 𝑛 = 428 𝑎 𝑛 𝑑 𝐾 = 5

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