Research tasks
1. (7 points) You are given a dataset in an Excel format. Figure out how to load this dataset in R. Provide your R-commands to load the data. In particular, be clear about which R-package you install and use. (Hint: use the Internet. There are several different ways of doing it.)
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2. (15 points) Obtain summary statistics and histograms for the variables wage and educ and scatter diagram of those two variables. For the diagrams, give informative titles and variable names instead of just using the default titles and variable names. For example, you could use Years of Education in place of education. Discuss the data characteristics.
3. (9 points) Estimate the linear regression
wagei = β1 + β2educi + ui
,
where ui is the error and β1 and β2 are the unknown population coefficients. Assuming that E[u|educ] = 0, interpret the estimated coefficient on educ (3 points) and test whether or not the population coefficient is zero at the 1 % significance level (3 points). What is the predicted wage of a person with eight years of education (3 points)
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