Our Services

Get 15% Discount on your First Order

Midterm ECO 562 Due: 3/30 at 11:59pm on D2L [40 Points] 1. Suppose that you are interested in determining the effect of number of

April 2, 2025

Midterm

ECO 562

Due: 3/30 at 11:59pm on D2L

[40 Points]

1. Suppose that you are interested in determining the effect of number of hours worked on

earnings. The Sheet “Question 1” on dataset “Midterm Data.xlsx” consists of the

earnings, working hours, and productivity of 40 workers.

wkearns: avg. weekly earnings

wkhours: avg. weekly hours

outphr: output per labor hour

ChatGPT Link:

a. [3 Points] Using GPT 4o or GPT 4.5, estimate the naïve regression:

wkearns = �̃� ∗ wkhours + �̃� + �̃� (1)

Test for linearity and heteroscedasticity in the chat. Do not correct for any violations.

b. [4 Points] Assuming the estimates to be unbiased, interpret the estimates of �̃� and

�̃�, including the p-value. Does this result align with business intuition? Why or why

not? [No AI allowed]

c. [3 Points] Using GPT 4o or GPT 4.5, estimate the full regression:

wkearns = 𝑚1 ∗ wkhours + 𝑚2 ∗ outphr + 𝑏 + 𝑒 (2)

Test for linearity and heteroscedasticity. If any of these two assumptions are violated,

instruct GPT to correct the model accordingly in the chat linked above. If there are no

issues, proceed to question 1d.

d. [4 Points] Interpret the estimates of 𝑚1 and 𝑚2, including the p-value. [No AI

allowed]

e. [4 Points] Why do the estimates of �̃� and 𝑚1 from regressions (1) and (2) differ so

drastically? What ‘story’ explains this divergence in the marginal effects of working

hours on salary? [No AI allowed]

2. Suppose you are interested in estimating the effect of household income on children’s

birthrate. The Sheet “Question 2” on dataset “Midterm Data.xlsx” consists of the family

income, birth rate, and daily cigarette consumption of the mother.

Family Income: household income

Birth Weight: the birth rate of the child

Daily Consumption of Cigarettes (Mother): the number of cigarettes consumed by the mother

while pregnant each day

ChatGPT Link:

a. [3 Points] Using GPT 4o or GPT 4.5, estimate the naïve regression:

Birth Weight = �̃� ∗ Family Income + �̃� + �̃� (3)

Test for linearity and heteroscedasticity in the chat. Do not correct any violations.

b. [4 Points] Assuming the estimates to be unbiased, interpret the estimates of �̃� and

�̃�, including the p-value. [No AI allowed]

c. [4 Points] Why might the daily consumption of cigarettes by the mother need to be

included in the regression? When omitting Daily Consumption of Cigarettes

(Mother), would regression (3) be over or underestimating the effects of income on

birth rate and why would that be the case?

d. [3 Points] Using GPT 4o or GPT 4.5, estimate the full regression:

Birth Weight = 𝑚1 ∗ Family Income + 𝑚2

∗ Daily Consumption of Cigarettes (Mother) + 𝑏 + 𝑒 (4)

Test for linearity and heteroscedasticity. If any of these two assumptions are violated,

instruct GPT to correct the model accordingly in the chat linked above. If there are no

issues, proceed to question 1d.

e. [4 Points] Interpret the estimates of 𝑚1 and 𝑚2, including the p-value. [No AI

allowed]

f. [2 Points] If we are only interested in estimating the effects of household income on

birthrate, what are some other potential omitted variables from the regression (4)?

Would the proposed omitted variable cause regression (4) to over- or underestimate

effect of income on birth rate? Why is that?

3. ChatGPT uses a Python code interpreter to conduct the analysis necessary for this

course. As I said before, Python is a free open-source programming language with data

analysis capabilities that far exceed the capabilities of Excel. While learning to program

isn’t a requirement for this course, it is important to know how to leverage the

capabilities of ChatGPT’s data analysis features.

For this question, have ChatGPT do something that is practically infeasible with existing

Microsoft Office programs and provide the link. The points that you receive for your

responds to this question depend on how impressive the task GPT does.

For example, I instructed ChatGPT to create 1,000 Excel spreadsheets, each containing

1,000 coin flips, in the chat link here. I uploaded the 1,000 Excel spreadsheets to Google

Docs, which can be found here.

ChatGPT Link:

a. [2 Points] What did you have ChatGPT do?

>Business & Finance homework help

Share This Post

Order a Similar Paper and get 15% Discount on your First Order

Related Questions

Evaluate the motivations of organizations such as Apple to initiate a facilities location or relocation project? In your response, ensure to use

Evaluate the motivations of organizations such as Apple to initiate a facilities location or relocation project? In your response, ensure to use resources to evaluate the stakeholders and pros and cons of domestic vs. international locations.

2 Advanced Marketing MKT 5301 Unit IV Journal This journal measures ULOs 3.5 and 4.1. The objective of this journal is to

2 Advanced Marketing MKT 5301 Unit IV Journal This journal measures ULOs 3.5 and 4.1. The objective of this journal is to analyze how the 4Ps (product, price, place, and promotion) influence the strategic decisions of a global customer brand. Additionally, you will apply the consumer buying decision process to

See attached- Journal ACC 3301, Managerial Accounting 1 Course Learning Outcomes for Unit IV Upon completion of this unit, students should be

See attached- Journal ACC 3301, Managerial Accounting 1 Course Learning Outcomes for Unit IV Upon completion of this unit, students should be able to: 7. Analyze problems in managerial decision-making regarding cost planning and control. 7.1 Demonstrate how incremental analysis is used in managerial decision-making. 7.2 Discuss various factors managers

Emotional Intelligence When Daniel Goleman introduced the concept of emotional intelligence to the business world in the

Emotional Intelligence When Daniel Goleman introduced the concept of emotional intelligence to the business world in the 1990s, he called it the most important leadership skill. He also instilled that emotional intelligence is a skill that can be learned. As you review these resources, reflect on your own level of

I have 4 assignments that need to be completed. I will provide the access to the assignment and explain more how to complete it once I have selected a

I have 4 assignments that need to be completed. I will provide the access to the assignment and explain more how to complete it once I have selected a bid.

For this project, you will select a U.S. President who has served in your lifetime and make a critical analysis of his leadership and communication

For this project, you will select a U.S. President who has served in your lifetime and make a critical analysis of his leadership and communication based off the material covered throughout this course (please do not do analysis of a president that did not serve in your lifetime or you

Technological, Political-Legal, Socio-Cultural, and Economic

We are offering you a variety of pedicure treatments like kids massage; best places for couple massages for your beautiful feet Anna Spa and wellness

We are offering you a variety of pedicure treatments like kids massage; best places for couple massages for your beautiful feet Anna Spa and wellness center are providing you a different type of services like Massage Airdrie Spa Airdrie, is the best registered massage therapy near me. and also help

If you’re working towards an ILM qualification and finding the assignments challenging, you might be wondering where to find reliable, expert help.

If you’re working towards an ILM qualification and finding the assignments challenging, you might be wondering where to find reliable, expert help. From ILM Level 2 to Level 7, getting proper guidance can make a big difference in your grades and learning experience. Explore how professional ILM Assignment Help in

For this discussion, refer to the adaptive leadership toolkit. Effective leaders collaborate with others, as multiple inputs result in better outcomes.

For this discussion, refer to the adaptive leadership toolkit. Effective leaders collaborate with others, as multiple inputs result in better outcomes. In this discussion, you will share the leadership skills and behaviors you have identified and provide some brief rationale for the selection. You will also receive feedback and possibly questions from

Vanessa Thompson https://youtube.com/shorts/v6orlhwzajc?si=nMxW0WxqLzfxU0CM Semira Mitchell

Vanessa Thompson Semira Mitchell

From the discussion preparation, discuss the changes in Human Resource Management and how they affect UFIDA operations and functions. Determine if the

From the discussion preparation, discuss the changes in Human Resource Management and how they affect UFIDA operations and functions. Determine if the changes implemented by the company affect the company’s HRM footprint for personnel actions and business functions. Why is this important for UFIDA?

Music Appreciation Name________________________________ Final Exam Date: 12/10/2013 1) What is a melody: a) a series of pitches that

Music Appreciation Name________________________________ Final Exam Date: 12/10/2013 1) What is a melody: a) a series of pitches that move in horizontal motion in a musical composition, one note at a time b) a collection of pitches grouped in vertical position and that sound together at the same time c) the

Everything it attached below HERE IS THE

Everything it attached below HERE IS THE READING image7.png image8.png image9.png image10.png image11.png image12.png image13.png image14.png image15.png image16.png image17.png image18.png image19.png image20.png image21.png image22.png image23.png image24.png image25.png image26.png image27.png image28.png image29.png image30.png image1.jpeg image2.png image3.png image4.png image5.png image6.png

Please see attachment for instructions. Article also attached

Final: PhotoVoice Exhibit & Preparation: this is a women’s gender course so I will also attach things that relate for your use. This

Final: PhotoVoice Exhibit & Preparation: this is a women’s gender course so I will also attach things that relate for your use. This must be in PowerPoint style, and you can use any photos that you want to use, that includes nothing but women or something related to women. I

Continuing your analysis of the company you selected in Week 2, consider how a merger or acquisition with a competitor or an upstream or downstream

Continuing your analysis of the company you selected in Week 2, consider how a merger or acquisition with a competitor or an upstream or downstream supply-chain partner could drive growth by expanding market share, improving operational efficiencies, or breaking into new markets. In your response, address the following: Identify a

Printed by: [email protected]. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without

Printed by: [email protected]. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted. Printed by: [email protected]. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher’s

Our Services

Midterm ECO 562 Due: 3/30 at 11:59pm on D2L [40 Points] 1. Suppose that you are interested in determining the effect of number of

Share This Post

Related Questions

Evaluate the motivations of organizations such as Apple to initiate a facilities location or relocation project? In your response, ensure to use

2 Advanced Marketing MKT 5301 Unit IV Journal This journal measures ULOs 3.5 and 4.1. The objective of this journal is to

See attached- Journal ACC 3301, Managerial Accounting 1 Course Learning Outcomes for Unit IV Upon completion of this unit, students should be

Emotional Intelligence When Daniel Goleman introduced the concept of emotional intelligence to the business world in the

I have 4 assignments that need to be completed. I will provide the access to the assignment and explain more how to complete it once I have selected a

For this project, you will select a U.S. President who has served in your lifetime and make a critical analysis of his leadership and communication

Technological, Political-Legal, Socio-Cultural, and Economic

We are offering you a variety of pedicure treatments like kids massage; best places for couple massages for your beautiful feet Anna Spa and wellness

If you’re working towards an ILM qualification and finding the assignments challenging, you might be wondering where to find reliable, expert help.

For this discussion, refer to the adaptive leadership toolkit. Effective leaders collaborate with others, as multiple inputs result in better outcomes.

Vanessa Thompson https://youtube.com/shorts/v6orlhwzajc?si=nMxW0WxqLzfxU0CM Semira Mitchell

From the discussion preparation, discuss the changes in Human Resource Management and how they affect UFIDA operations and functions. Determine if the

Music Appreciation Name________________________________ Final Exam Date: 12/10/2013 1) What is a melody: a) a series of pitches that

Everything it attached below HERE IS THE

Please see attachment for instructions. Article also attached

Final: PhotoVoice Exhibit & Preparation: this is a women’s gender course so I will also attach things that relate for your use. This

Continuing your analysis of the company you selected in Week 2, consider how a merger or acquisition with a competitor or an upstream or downstream

Printed by: [email protected]. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without

Use Our 6 Free Tools

How Our Service is Used:

Subscribe

NO SPAM