연세대 계량경제학 족보 연세대 계량경제학 중간 족보.docx

Midterm Exam for Econometrics (1): Fall 2014 Prof. Tae-Hwan Kim 1. [50 points] For a randomly selected 5 families, the following observations have been collected in the table and summary statistics are provided below the table. Note that the total number () of observations is 5. Family () Airline Travel ($100) () Income ($1000) () 1 3 20 2 15 45 3 15 49 4 20 60 5 40 95 , , , , , , Use ‘Airline Travel’ as the dependent variable and ‘Income’ as the only explanatory variable (i.e. there is no constant in this regression). Compute the OLS estimate for the slope. Discuss the consequences of not including the constant term in the regression. Predict the Airline Travel consumption of a family whose annual Income is $65,000. Discuss whether you can measure the causal effect of ‘Income’ on ‘Airline Travel.’ Suppose that the true var…
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