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ECON212 BASIC ECONOMETRICS I
PRACTICAL CLASS FOUR
Question 1. FOLLOW UP FROM QUESTION 1 PRACTICAL CLASS THREE
We estimate the following model:
LY = β + β LX + u
i 0 1 i i
where:
LY = LN(Y )
i i
LX = LN(X )
i i
Σ(LX 2 ) = 251.616 Σ(LX LY ) = 282.13 Σ(LX ) = 54.9 Σ(LY ) = 61.48
i i i i i
n =12 standard error of regression: σ = 0.182
LY = −3.64 + 1.915LX + u
i i i
c) Test the null hypothesis that the LY has no association with the LX .
i i
d) Predict the level of the Y if the value of X were 100 and ce a 95% confidence interval around
i i
that estimate. Note you have to be very careful here. The best fit line is in terms of natural logs
of the variables, so first you have to take the natural log of 100, then insert the value in the
best fit line equation to generate your prediction. Next, work out the confidence interval. Then
you have to convert your prediction and your confidence interval back into the original units
of measure by taking their anti-logs.
Question 2. FOLLOW UP FROM QUESTION 2 PRACTICAL CLASS THREE
Given:
ΣX 2 = 86,726; ΣY 2 = 137,475; ΣX Y = 344,643; ΣX = 1,186; ΣY = 4,739;
i i i i i
n=20 and σˆ = 11.5;
ˆ
Y = 6.8600 + 3.8801X i
i
The above regression line shows the relationship between the Y (amount of life insurance cover)
($000s) households buy and X (household
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