Problem Set 06_2010_2011

# Problem Set 06_2010_2011 - Middle East Technical University...

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ECON 206 1 Middle East Technical University 2010-2011 Fall Department of Economics ECON 206 Instructor: Ozan ERUYGUR Research Assistant: Pelin AKÇAGÜN PROBLEM SET 06 PROBLEM 1 Fit a straight line to the five data points in the accompanying table. Give the estimates of 0 and 1 . Plot the points and sketch the fined line as a check on the calculations. y x 3 -2 2 -1 1 0 1 1 0.5 2 PROBLEM 2 The median sale prices for new single-family houses over an 8-year period are given in the accompanying table. Letting Y denote the median sales price and x the year (using integers 1.2, . . . ,8), fit the model 01 Yx . What can you conclude from the results? Year Median Sales Price (x1000) 1972 (1) \$27.6 1973 (2) \$32.5 1974 (3) \$35.9 1975 (4) \$39.3 1976 (5) \$44.2 1977 (6) \$48.8 1978 (7) \$55.7 1979 (8) \$62.9 Source : Adapted from Time (July 23, 1979). p. 67: the 1979 figure is far only the first quarter PROBLEM 3 The 1980 EPA 49-state (all except California) combined mileage rating and engine volume are listed in the following table for nine standard-transmission, four-cylinder, gasoline-fueled, subcompact cars. The engine sizes are in total cubic inches of cylinder volume.

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## This note was uploaded on 03/22/2012 for the course ECON 106 taught by Professor Kücüksenel during the Spring '12 term at Middle East Technical University.

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Problem Set 06_2010_2011 - Middle East Technical University...

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