Assignment Task
Question
Regression models are a workhorse method of statistical and/or econometric analysis. These models can take the form , where is the dependent variable and the independent variable.
a) These equations are usually fit to data using a technique known as “Ordinary Least Squares”, or OLS. Briefly explain the mechanics and intuition behind this method. Whyis a model estimated using OLS considered a “line of best fit” for a given data set?
b) Using a couple of sentences in each case, explain the meanings behind the following terms in the context of the above regression model.
c) Regression models often employ the assumptions and . Explain the meanings of thesetwo terms. You may like to illustrate these assumptions (or their violations) by providinggraphs such as scatter plots. What implications do they have for (i) the standard errors from the model, and (ii) the Gauss-Markov Theorem?
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