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Economics is defined as a social science that deals with distribution, production, and the consumption of goods. It studies how businesses, governments, and nations can make choices on the allocation of resources. It focuses on the actions of individuals on the assumption that humans have rational behaviour. Statistics homework tutors is the site to go for Economics Assignment Help. This one-stop Economics Homework Help serves students from all the countries in the world and will be happy to help you pass your Economics Assignments. Feel free to text us if you need Help with Economics Assignment. Begin the conversation with these keywords- Do My Economics Assignment Help.


Do My Economics Assignment Help

Are you a student undertaking Economics? Do you have Economics assignments which are difficult, well worry no more since Statistics Homework Tutors offers professional Economics Assignment Help Online at an affordable cost? Economics is defined a social science which deals with production, distribution, and consumption of goods and services. It offers detailed insights on how business, individualโ€™s governments, and nations make key choices such as resource allocation to satisfy the various needs and wants. It further offers a solution on how the mentioned groups should coordinate and organize efforts to achieve maximum output.

Economics analysis is mainly characterized by processes deemed deductive, similar to mathematical logic. This is whereby the repercussions of human activities are considered based on the "means-ends" framework. Students learning economics should be conversant with the various sub-topics of economics. These sub-topics are Microeconomics which emphasizes on consumers and macroeconomics which deals with the behaviour of the aggregate Economics situation.


Example Of Economics Homework For Students

Students undertaking the Economics course may be tasked with Economics assignment whereby they are required to highlight on key Economic indicators. With such a question, our Economics assignment experts will draft you perfect papers with zero percent plagiarism. The paper essay, report, case study or thesis paper delivered will be perfect having been checked by our quality control team. Below are some of the key Economic indicators that students can use to develop their Economics assignment essay:


  • Gross Domestic Product (Gdp)
  • Retail Sales
  • Industrial Production
  • Employment Data
  • Consumer Price Index (Cpi)

The Basic Topics That Are Normally Considered Part Of College Economics That We Can Help With:


  • Applied Economics
  • Balance Of Trade And Balance Of Payments
  • Budget Deficits And Public Debt
  • Business And Financial Statistics
  • Decision Making And Cost-Benefit Analysis
  • Division Of Labor And Specialization
  • Employment And Unemployment
  • Foreign Currency Markets/Exchange Rates
  • Game Theory
  • Information Economics
  • International Factor Movements And Multinational Firms
  • Macroeconomic Equilibrium In Goods And Money Markets
  • Managerial Economics
  • Marginal Productivity Theory Of Distribution
  • Market Structure And Antitrust
  • Microeconomics
  • Monetary Policy And The Federal Reserve
  • National And Global Governance
  • Parametric Statistical Inference And Modelling
  • Rational Choice Theory
  • Saving, Finance, And Social Security
  • Statistical Methods In Economics
  • Testing Of Hypothesis
  • Theories Of Consumer Behaviour And Cost
  • Trade, Exchange And Interdependence
  • Wages And Employment

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  • Consumer Behaviour
  • Demand
  • Aggregate Supply
  • Classical Theory
  • Budget Deficits And Public Debts

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Two Major Categories of Economics Assignment Help

Economics Can Be Divided Into Two:

  • Macroeconomics

    Analyses the behaviour of an economy. Our Economics Project Help state that to study the economy highly aggregate economic data is used. It analyses broad economic growth and recurrent economic cycles.

  • Microeconomics

    Analyses individuals and businesses. It goes deep to analyse certain issues of human behaviour, finding reason as to why human beings behave the way they do. Our Economics Homework Help state that microeconomics seeks to explain how individuals view things differently, reasons why goods are valued differently among other issues.


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Our Economics Experts have prepared sample assignment solution to demonstrate the quality of our work. All the solutions have been prepared by following a simplistic approach and include step by step explanations. These solutions reflect the in-depth expertise and experience of our online Economics assignment experts.

Question 1: Run the code that generates the data and produce a scatterplot with the average wage at each education level on the y-axis, and education level on the x-axis. Discuss the relationship between wages and years of schooling based on this graph.

Solution 1:

Solution

The scatter plot above shows a linear relationship exist between dependent variable average wage and educational level the independent.

Question 2: The model that is used to generate the wage data is

๐‘ค๐‘Ž๐‘”๐‘’ = −4 + 0.5๐‘’๐‘‘๐‘ข๐‘ + 0.25๐‘’๐‘ฅ๐‘๐‘’๐‘Ÿ + ๐‘ข

Interpret the parameters of this model precisely

Solution 2: The Model is Wage = -4 + 0.5educ + 0.25exper + μ

 Interpreting the parameters of this model

 is the intercept of the regression model above which is given as -4

 is the slope of the independent variable educational level which is given as 0.5

 is the slope of the independent variable experience year which is given as 0.25

Question 3: Estimate the parameters of the model above using OLS. Do the estimates match the parameters? Explain why or why not.

Solution 3:

Solution

From the OLS regression model above the regression model can be written as;

Wage = -4.09 + 0.49educ + 0.26exper + μ

 is the intercept of the regression model above which is given as -4.09

 is the slope of the independent variable educational level which is given as 0.49

 is the slope of the independent variable experience year which is given as 0.26

In conclusion we can say that the estimates does not match the parameters as there is a slight difference this can be a result of variations which occur from data  simulation done for the study.

Question 4: Are the estimated slopes on educ and exper unbiased? Explain why or why not.

Solution 4: The slopes of both independent variables are biased because the parameter estimated under the OLS is different from the parameters given in the wage estimating model. This mean the two parameters differs hence there slopes is biased.

Question 5: Construct a 90% confidence interval for the change in wages from a 2-year increase in years of schooling. Explain your findings.

Solution 5:

Solution

From the table above the with a 2-years increase in education level the average wage is -2.84 with 90% confidence level between (-3.256, -2.421).

Question 6: Test the (true) null hypothesis that the slope on educ = 0.5 versus the alternative that it is not equal to 0.5 at the 5% level, and report your findings. Suppose you repeated this test with 100,000 different samples from the population (don’t program this in Stata). Roughly how many times would you mistakenly reject the null hypothesis?

Solution 6:

Solution

Interpretations: From the table above, we can see that [t=227.83, p<0.05] we can reject the null hypothesis that the slope on education level equals to 0.05 and conclude that the education slope differs. Lastly, the result will remain the same even if it was replicated in 100,000 different sample times.

Question 7: Define the R2 and SER in the context of this model and use them to describe how well you think the estimated regression line fits the data.

Solution 7: Both R-square and Standard Error of the regression (SER) are good measures of fit in regression model. The R-square measures the fraction of dependent variable (wage) that is explained by the independent variables (education level and year of experience) from the regression model above 38.37% of the variation in the dependent variable (wage) can be explained by the independent variables (education level and year of experience). The SER measures the magnitude of a typical regression residual in the units of the dependent variable.  From the output above the SER is 1.063 this is a small SER value. Small SER leads to a precise calculation of the coefficient when all other factors are equal.

Question 8: Estimate the regression of wage on educ (excluding exper). Precisely interpret your results. Is the slope on educ unbiased? Explain why or why not.

Solution 8:

Solution

The model above is for Education level on Wages only when the year of experience is removed. This model is significant with (F=1086, p<0.05). 26.6% variation in the dependent variable can be explained by the independent variable education level. The regression model is

Wage = 2.5 + 0.23educ + μ

We can conclude the slope of the independent variable education is biased since the slope estimate in this model is different from the true population parameters.

Question 9: The dummy variable educ_ba equals 1 if the individual has a bachelor’s degree or higher (16 or more years of schooling), and 0 otherwise. Estimate the regression of wage on educ_ba and precisely interpret the intercept and slope from that regression.

Solution 9:

Solution

Regressing Education level dummy variable on wage the regression model equation can be defined below as;

Wage = 5.27 + 1.2educ_ba + μ

  is the intercept of the regression model above which is estimated as 5.27

 is the slope of the independent variable educational level with bachelor degree which is given as 1.2

Question 10: Create a new dummy variable called educ_belowba that equals 1 if the individual has less than 16 years of schooling, and 0 otherwise. Estimate the regression of wage on educ_belowba. How do the estimates from this regression compare to those from (9)? Explain fully.

Solution 10:

Solution

From this model above the education level new dummy variable is regressed on the dependent variable wage and the regression model is given as;

Wage = 6.47 - 1.2educ_below + μ

 is the intercept of the regression model above which is estimated as 6.47

 is the slope of the independent variable educational level with bachelor degree which is given as 1.2

The intercept estimate of the new model differs from that of the model in 9 above as there is an increase in the intercept of the new model.

The slope of both model remain the same.

The R-square in both model also remain the same.

Lastly, the SER of both model remain the same.

Disclaimer: The samples provided by StatisticsHomeworkTutors.com are to be considered as model papers and are not to submitted as it is. These samples are intended to be used for research and reference purposes only.

FREQUENTLY ASKED QUESTIONS


How do you prepare an assignment for economics?

We follow simplistic approach and include step by step explanations to prepare an economic assignment. These solutions reflect the in-depth expertise and experience of our online Economics assignment experts.

These steps are โ€“

  • Acquire the comprehensive knowledge about the topic
  • Research and understand the topic
  • Prepared a structure of the task and complete the task on given time

What is economics assignment?

Economic assignments include issues like inflation, price rise, market share and interest rates. In most simple and concise word, economics is the study of how society uses its limited resources.

How do you write an introduction to an economics assignment?

The introduction should include the economic terms in the answer. It should also give an overview of the approach in a clear and concise manner.

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Your dream of becoming any of the above professions can be thwarted by a failure emanating from your Economics Assignment. Secure your future by requesting Help with Economics Assignment. Alternatively, visit our website statistics homework tutors for the much-needed Economics Assignment help.

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