Econ1002ex3

Econ1002ex3 - ECON1002: Applied Economics Exercise 3:...

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ECON1002: Applied Economics Exercise 3: Consumer Demand Answers to question 1 must be handed in. Hand in to ECON 1002 coursework box in Student Common Room (basement, Drayton House) by midday on Thursday 19th Feb 2009. 1. * You are given data on food expenditure, total income and demographic characteristics of 150 married couples, where the husband is a manual worker and is aged 30-50. All survey interviews take place in the same month. You decide to estimate an Engel curve (i.e. a budget share equation) and regress the ratio of food expenditure to total spending ( wfoy ) on the logarithm of total current spending ( ncy ), the number of children aged 6- 10 ( kids2 ), the number of children aged 11-17 ( kids3 ) and an indicator for London ( london=1 if the couple live in Greater London, and 0 otherwise). Your estimates are: OLS Estimation, Dependent variable is wfoy , 150 observations Variable Coe¢ cient Standard error constant 0.877 0.065 ncy -0.155 0.014 kids2 0.026 0.006 kids3 0.138 0.032
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This note was uploaded on 03/03/2010 for the course ECON 1002 taught by Professor Matthewwakefield during the Spring '09 term at UCL.

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Econ1002ex3 - ECON1002: Applied Economics Exercise 3:...

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