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## Economics

 Basic Economics Macroeconomics Microeconomics Business Economics Econometrics International Economics Managerial Economics Game Theory Public Economics

problem 1: Are total household expenditures symmetric, positively skewed, or negatively skewed?

problem 2: What is the mean, median, and standard deviation of total household expenditures?

problem 3: Interpret the 95% confidence interval for mean total household expenditures:

problem 4: Test whether the population mean of total household expenditures is equal to \$2500. (prepare down your null hypothesis, alternative hypothesis, test statistic, rationale for rejecting or failing to reject, and the result of your test. Interpret this result – in other words, what can you conclude?)

problem 5: Test whether the population mean of total household expenditures is greater than \$2500. (prepare down your null hypothesis, alternative hypothesis, test statistic, rationale for rejecting or failing to reject, and the result of your test. Interpret this result – in other words, what can you conclude?)

problem 6
: From the scatter plot, does there appear to be a relationship between food share and total household expenditures?  If so, are they positively or negatively related?

problem 7: Is this correlation coefficient consistent with your answer to part (above)?

problem 8: Interpret R2 and the meaning of the intercept and slope parameters from the regression model.

Stata Problem Set Instructions
:

You may work on this problem set with your classmates, but you must generate your own Stata log and prepare up your answers independently.

1) Type the following command to load the THAIEXP dataset:

use http://www.ssc.wisc.edu/~mckelvey/ec310/thaiexp.dta

2) Launch Stata and use the display command to prepare your name to the log.  For ex, type the following command:

display “Christopher McKelvey”

3) Use the describe command to determine which variable in this dataset contains total household expenditures and which contains the share of total expenditures spent on food.

4) Use the histogram command to graph a histogram of total household expenditures and to assess whether the distribution is symmetric or skewed.

5) Use the summarize command with the detail option to find out the mean, median, and standard deviation of total household expenditures.

6) Use the ci command to find out a 95% confidence interval for the population mean of total household expenditures.

7) Use the test comand to test whether the population mean of total household expenditures is equal to \$2500 using a 5% size of test.

8) Use the test comand to test whether the population mean of total household expenditures is greater than \$2500 using a 5% size of test.

9) Use the scatter command to graph a scatterplot of food share (on the y-axis) and total household expenditures (on the x-axis) and assess the relationship between the two variables.

10) Use the correlate command to find out the correlation coefficient between food share and total household expenditures.

11) Use the regress command to run a regression of food share on total household expenditures.

Microeconomics, Economics

• Category:- Microeconomics
• Reference No.:- M9334

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