# hw2 - Problem Set 2 Due Tuesday Econ 321 Applied...

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Problem Set 2 - Due Tuesday 09/23/08 Econ 321 - Applied Econometrics Fall 2008 Cornell University Prof. Molinari 5 which I replaced with a new question because that semester I covered di/erent material. As you will see, the exam consisted of THREE parts totaling 100 points. I will maintain the same structure for the Test 1 that I am preparing for your class. The exam will be a CLOSED BOOK graphic calculators are prohibited. You have 75 minutes to complete the exam. SHOW ALL your work as partial credit will be given. Answers without explanations might NOT be given (full) credit even if they are correct. THINK before you answer, and GOOD LUCK! Part 1 25 points (5 points each) In WORDS , brie±y (1 paragraph maximum) describe the following: 1. Sample Space. 2. Independent Events. 3. Covariance. 4. Expected Value. 5. Bayes Theorem. 1

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Part 2 20 points (Each sub-question has the number of corresponding points in brackets) 1. Scott Resnick, a former MSU undergraduate, collected data PNTSPRD from various news- seasons. Here is a summary of his data: Var Label Mean Std favscr 78.13 13.52 undscr 68.59 11.91 favhome = 1 if favored team plays at home 0.68 0.47 favwin = 1 if favored team wins 0.76 0.43 Scott wants to know whether the event ±favored team plays at home²and the event ±favored question: Var Mean Std favscr*favhome 53.65 38.69 favhome*favwin 0.64 0.50 (10 points) 2. The dataset vote1 contains the following variables: Var Label Mean Std voteA % vote for A 50.50 16.78 democA = 1 if A is democrat 0.555 0.498 expendA campaign expends. by A, \$1000s 310.61 280.99 expendB campaign expends. by B, \$1000s 305.09 306.28 AA voteA*expendA 17539.59 15977.73 AB
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hw2 - Problem Set 2 Due Tuesday Econ 321 Applied...

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