04 Jun Question Please help me with these homework. I have to turn in tuesday 3/3/15 ECO-301: Milestone 2 Directions
Question
Please help me with these homework. I have to turn in tuesday 3/3/15
ECO-301: Milestone 2 Directions
The focus of this analysis involves analyzing key economic themes such as demand, production, cost, and market structure with quantitative techniques like regression analysis and linear programming for a specific company. For purposes of this project you will select a product or service with substantial data.
Some possible topics: unemployment and crime, exports and underdeveloped countries, demand/supply of higher education, air pollution and population, etc.
You will formulate an introduction and problem statement and collect data sources.
1. Introduction and Statement of Problem
a. Introduction and Statement of Problem: What problem are you trying to solve? This is where you would discuss key information; why the issue/problem is important, sources of data you plan to use, estimation procedure you will use, variables, assumptions, weaknesses of data, etc. (Some possible topics: unemployment and crime, exports and underdeveloped countries, demand/supply of higher education, air pollution and population, etc.)
i. Introduce and describe the product or service being evaluated. Why the issue/problem is important
ii. Model Formation: This refers to the model, hypothesis, or theoretical framework that will be used to explain and/or forecast some variables. In the usual case, the model will be in the form of functional equations. QD = f(P, Y, …)
iii. Data Sources: Include the sources of data you plant to use, complete description with references.
1. Variables: What variables are used? Why are the variables used in the model?, Consider relation among measurable variables, what is the impact of an independent variable X on a dependent variable Y, what are some additional independent variable that could influence variable Y
2. Assumptions of Data: Consider the following in your analysis; accurate/consistent, sample is representative of the population, unbiased, efficient
3. Weaknesses of Data: Currency, not complete data set, biased selection, not scientifically accurate
4. Estimation Procedure: Consider what estimation procedure you plan to use (if you are using time series data, be sure to account for the identification problem). Why this particular procedure was chosen.
ECO-310: Milestone 3 Directions
Submit the results of your regression analysis for the demand function you are estimating for your term project. Include:
· The data used to estimate the demand model
· The results of the analysis, an analysis of the results
· Description of remaining issue that needs to be addressed before the final paper is submitted.
Using your inventory of data collected, you will estimate and perform various analyses which will lead you to an evaluation. At the conclusion of your analysis you will address how this example can inform other real-world decision making in other organizations as well as your own decision-making and management skills.
Statistical Analysis and Tests
1. Evaluate AdjR2.
2. Each variable (independent variables have to be tested by using t-test, so as to see whether each of the variables (exogenous or independent) that you have include in the function has an effect on the dependent variable (left hand side).
3. For t-test, the following steps should be followed:
(i) H0: ?0 = 0
(Null hypothesis)
HA: ?0¹ 0
(Alternate hypothesis)
If t calculated > t table value (n-k) degrees of freedom
where:
n = # of observations
k= # of parameters, i.e. # of right hand side variables plus the constant
thenH0 is rejected, i.e. the variable you are testing has an effect on the dependent variable.
4. Do F-test, by following these steps:
(i) H0: ?0 = ?1 = ?2 = 0
(Null hypothesis)
HA: At least one ? is not equal to zero
(Alternate hypothesis)
(ii) If F calculated > F table value
Then H0 is rejected, i.e. all the right-hand-side variables are important.
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