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The following estimated model was obtained by OLS regression using quarterly data from 19 different countries with a population of 290.5 million people who suffered from respiratory related problems due to the sick-building syndrome. Some of the factors which have contributed to the direct negative economic impact on education, Y₁, measure in millions of dollars, included: the number of days of business closure (BC), number of sick days medically certified (SD), number of days of working from home (WH). This extraordinary ripple effect of the sick building syndrome has policy makers rethinking their strategies regarding the continuity plans of productivity and the way forward. Inclusive in the data were the following notes: Y₁ = 220 + 0.104XBC - 3.48XSD +0.34XWH (3.40) (0.005) (2.20) (0.15) where the numbers in parentheses are standard errors. ESS=109.6 RSS = 18.48 Given your basic knowledge of econometrics you have been given the mandate to perform various tests on the above-mentioned regression model in the hope of seeking to understand the global economic impact of the sick building syndrome on productivity. The report is due in one month time, and you have been given the following guidelines that must be included in your presentation: (a) Are the coefficients statistically reliable in explaining the sick building syndrome economic impact on productivity. þ (b) Calculate R² and R² and in each case explain how much of the variation in the sick building syndrome economic impact on productivity can these variables explain using all necessary tests

The following estimated model was obtained by OLS regression using quarterly data from 19 different countries with a population of 290.5 million people who suffered from respiratory related problems due to the sick-building syndrome. Some of the factors which have contributed to the direct negative economic impact on education, Y₁, measure in millions of dollars, included: the number of days of business closure (BC), number of sick days medically certified (SD), number of days of working from home (WH). This extraordinary ripple effect of the sick building syndrome has policy makers rethinking their strategies regarding the continuity plans of productivity and the way forward. Inclusive in the data were the following notes: Y₁ = 220 + 0.104XBC - 3.48XSD +0.34XWH (3.40) (0.005) (2.20) (0.15) where the numbers in parentheses are standard errors. ESS=109.6 RSS = 18.48 Given your basic knowledge of econometrics you have been given the mandate to perform various tests on the above-mentioned regression model in the hope of seeking to understand the global economic impact of the sick building syndrome on productivity. The report is due in one month time, and you have been given the following guidelines that must be included in your presentation: (a) Are the coefficients statistically reliable in explaining the sick building syndrome economic impact on productivity. þ (b) Calculate R² and R² and in each case explain how much of the variation in the sick building syndrome economic impact on productivity can these variables explain using all necessary tests

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter7: Production Economics
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The following estimated model was obtained by OLS regression using quarterly data from 19 different countries with a population of 290.5 million people who suffered from respiratory related problems due to the sick-building syndrome. Some of the factors which have contributed to the direct negative economic impact on education, Y₁, measure in millions of dollars, included: the number of days of business closure (BC), number of sick days medically certified (SD), number of days of working from home (WH). This extraordinary ripple effect of the sick building syndrome has policy makers rethinking their strategies regarding the continuity plans of productivity and the way forward. Inclusive in the data were the following notes: Y₁ = 220 + 0.104XBC - 3.48XSD +0.34XWH (3.40) (0.005) (2.20) (0.15) where the numbers in parentheses are standard errors. ESS=109.6 RSS = 18.48 Given your basic knowledge of econometrics you have been given the mandate to perform various tests on the above-mentioned regression model in the hope of seeking to understand the global economic impact of the sick building syndrome on productivity. The report is due in one month time, and you have been given the following guidelines that must be included in your presentation: (a) Are the coefficients statistically reliable in explaining the sick building syndrome economic impact on productivity. þ (b) Calculate R² and R² and in each case explain how much of the variation in the sick building syndrome economic impact on productivity can these variables explain using all necessary tests
Transcribed Image Text:The following estimated model was obtained by OLS regression using quarterly data from 19 different countries with a population of 290.5 million people who suffered from respiratory related problems due to the sick-building syndrome. Some of the factors which have contributed to the direct negative economic impact on education, Y₁, measure in millions of dollars, included: the number of days of business closure (BC), number of sick days medically certified (SD), number of days of working from home (WH). This extraordinary ripple effect of the sick building syndrome has policy makers rethinking their strategies regarding the continuity plans of productivity and the way forward. Inclusive in the data were the following notes: Y₁ = 220 + 0.104XBC - 3.48XSD +0.34XWH (3.40) (0.005) (2.20) (0.15) where the numbers in parentheses are standard errors. ESS=109.6 RSS = 18.48 Given your basic knowledge of econometrics you have been given the mandate to perform various tests on the above-mentioned regression model in the hope of seeking to understand the global economic impact of the sick building syndrome on productivity. The report is due in one month time, and you have been given the following guidelines that must be included in your presentation: (a) Are the coefficients statistically reliable in explaining the sick building syndrome economic impact on productivity. þ (b) Calculate R² and R² and in each case explain how much of the variation in the sick building syndrome economic impact on productivity can these variables explain using all necessary tests
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