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Econometrics: Dummy Variables in 2.5 Hours!!

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If you have ever struggled with understanding Dummy Variables, you have come to the right place. This course is for students taking Introductory Econometrics at University Level.

What makes this course stand out?

This course has a Step by Step Explanation of concepts that will take you from asking 'What are Dummy Variables' to confidently saying 'I have got this!'

I am Shubham Kalra, author of multiple ebooks and online econometrics tutor. In my career, I have had the pleasure of teaching students from over 85 universities and this course contains all my experience. I know what works, and I have made sure that this course works for you.

Quick Overview of Course Structure:

Creating a Dummy Variable
Meaning of Dummy Variable Trap
Interpretation of regression models with an additive dummy variables
Distinguish between additive and multiplicative dummy variables
Interpretation of regression models with multiplicative dummy variables
Motivation to use an interactive dummy variable in a regression equation
Use of Base/Benchmark Category

Followed by this, you will also get some practice questions that you can attempt to test your knowledge.

I really hope you enjoy this course!

Econometrics - Complete Course on Dummy Variables Course Link: https://www.eduspred.com/courses/concepts-dummy-variables-course-online-econometrics-tutorFeel free to contact if you have any queries!Whatsapp:...

Mistakes Students Do in Simple Linear Regression (Part 2) – What do you minimise in the method of OLS?

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Mistake 2 (Simple Linear Regression) - What do you minimise in the method of OLS? Looking for One-One Online Econometrics coaching? Schedule a free discussion call with us. Mail: [email protected] Whatsapp: +91-9560560080(Hourly Rates Sta...

Mistakes Students Do in Simple Linear Regression (Part 1) – Placement of Error Term in Regression Equations

https://youtu.be/GUF3MBloxro

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Mistake 1 (Simple Linear Regression) - Placement of Error Term in Regression Equations Looking for One-One Online Econometrics coaching? Schedule a free discussion call with us. Mail: [email protected] Whatsapp: +91-9560560080(Hourly Rates Sta...

Statistics: Probability Distribution for Discrete Random Variables Solved Example #6
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These questions are taken from the book 'Probability and Statistics for Engineering and the Sciences' by Jay L. Devore (8th Edition)

Question : Suppose that you read through this year’s issues of the New York Times and record each number that appears in a news article— the income of a CEO, the number of cases of wine produced by a winery, the total charitable contribution of a politician during the previous tax year, the age of a celebrity, and so on. Now focus on the leading digit of each number, which could be 1, 2, . . . , 8, or 9. Your first thought might be that the leading digit X of a randomly selected number would be equally likely to be one of the nine possibilities (a discrete uniform distribution). However, much empirical evidence as well as some theoretical arguments suggest an alternative probability distribution called Benford’s law: p(x) = P 1st digit is x = log10 x + 1/x , x = 1,2,…..,9 Without computing individual probabilities from this formula, show that it specifies a legitimate pmf. Now compute the individual probabilities and compare to the corresponding discrete uniform distribution. Obtain the cdf of X. Using the cdf, what is the probability that the leading digit is at most 3? At least 5?

Probability Distribution for Discrete Random Variables Solved Example #6 Looking for One-One Online Statistics coaching? Schedule a free discussion call with us. Mail: [email protected] Whatsapp: +91-9560560080(Hourly Rates Sta...

Statistics: Probability Distribution for Discrete Random Variables Solved Example #5
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These questions are taken from the book 'Probability and Statistics for Engineering and the Sciences' by Jay L. Devore (8th Edition)

Question : After all students have left the classroom, a statistics professor notices that four copies of the text were left under desks. At the beginning of the next lecture, the professor distributes the four books in a completely random fashion to each of the four students 1, 2, 3, and 4 who claim to have left books. One possible outcome is that 1 receives 2’s book, 2 receives 4’s book, 3 receives his or her own book, and 4 receives 1’s book. This outcome can be abbreviated as 2, 4, 3, 1. List the other 23 possible outcomes. Let X denote the number of students who receive their own book. Determine the pmf of X.

Question : Three couples and two single individuals have been invited to an investment seminar and have agreed to attend. Suppose the probability that any particular couple or individual arrives late is .4 A couple will travel together in the same vehicle, so either both people will be on time or else both will arrive late. Assume that different couples and individuals are on time or late independently of one another. Let X= the number of people who arrive late for the seminar. Determine the probability mass function of X. Obtain the cumulative distribution function of X, and use it to calculate P 2 is less than or equal to X is less than or equal to 6 .

Probability Distribution for Discrete Random Variables Solved Example #5 Looking for One-One Online Statistics coaching? Schedule a free discussion call with us. Mail: [email protected] Whatsapp: +91-9560560080(Hourly Rates Sta...

Statistics: Probability Distribution for Discrete Random Variables Solved Example #4
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These questions are taken from the book 'Probability and Statistics for Engineering and the Sciences' by Jay L. Devore (8th Edition)

Question : A new battery’s voltage may be acceptable (A) or unacceptable (U). A certain flashlight requires two batteries, so batteries will be independently selected and tested until two acceptable ones have been found. Suppose that 90% of all batteries have acceptable voltages. Let Y denote the number of batteries that must be tested. What is p(2), that is, P(Y=2) ? What is p(3)? To have Y=5 , what must be true of the fifth battery selected? List the four outcomes for which Y = 5 and then determine p(5). Use the pattern in your answers for parts (a)–(c) to obtain a general formula for p(y).

Question : Two fair six-sided dice are tossed independently. Let M = the maximum of the two tosses (so M(1,5) = 5 , M(3,3) = 3, etc.). What is the pmf of M? Determine the cdf of M.

Probability Distribution for Discrete Random Variables Solved Example #4 Looking for One-One Online Statistics coaching? Schedule a free discussion call with us. Mail: [email protected] Whatsapp: +91-9560560080(Hourly Rates Sta...

Statistics: Probability Distribution for Discrete Random Variables Solved Example #3
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These questions are taken from the book 'Probability and Statistics for Engineering and the Sciences' by Jay L. Devore (8th Edition)

Question: Many manufacturers have quality control programs that include inspection of incoming materials for defects. Suppose a computer manufacturer receives computer boards in lots of five. Two boards are selected from each lot for inspection. We can represent possible outcomes of the selection process by pairs. For example, the pair 1, 2 represents the selection of boards 1 and 2 for inspection. List the ten different possible outcomes. Suppose that boards 1 and 2 are the only defective boards in a lot of five. Two boards are to be chosen at random. Define X to be the number of defective boards observed among those inspected. Find the probability distribution of X. Let Fx denote the cdf of X. First determine F0 = Probability that X is less than or equal to 0, F1, and F2; then obtain Fx for all other x.

Question : Some parts of California are particularly earthquake-prone. Suppose that in one metropolitan area, 25% of all homeowners are insured against earthquake damage. Four homeowners are to be selected at random; let X denote the number among the four who have earthquake insurance. Find the probability distribution of X. What is the most likely value for X? What is the probability that at least two of the four selected have earthquake insurance?

Probability Distribution for Discrete Random Variables Solved Example #3 Looking for One-One Online Statistics coaching? Schedule a free discussion call with us. Mail: [email protected] Whatsapp: +91-9560560080(Hourly Rates Start...

Statistics: Probability Distribution for Discrete Random Variables Solved Example #2
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These questions are taken from the book 'Probability and Statistics for Engineering and the Sciences' by Jay L. Devore (8th Edition)

Question : A mail-order computer business has six telephone lines. Let X denote the number of lines in use at a specified time. Suppose the pmf of X is as given in the accompanying table. X 0 1 2 3 4 5 6 P(x) 0.10 0.15 0.20 0.25 0.20 0.06 0.04
Calculate the probability of each of the following events. {at most three lines are in use} {fewer than three lines are in use} {at least three lines are in use} {between two and five lines, inclusive, are in use} {between two and four lines, inclusive, are not in use} {at least four lines are not in use}

Question : A contractor is required by a county planning department to submit one, two, three, four, or five forms (depending on the nature of the project) in applying for a building permit. Let Y = the number of forms required of the next applicant. The probability that y forms are required is known to be proportional to y—that is, p(y) = ky for y = 1,....., 5. What is the value of k? What is the probability that at most three forms are required? What is the probability that between two and four forms (inclusive) are required? Could p(y) = y2/50 for y = 1,….,5 be the pmf of Y?

Probability Distribution for Discrete Random Variables Solved Example #2 Looking for One-One Online Statistics coaching? Schedule a free discussion call with us. Mail: [email protected] Whatsapp: +91-9560560080(Hourly Rates Sta...

Statistics: Probability Distribution for Discrete Random Variables Solved Example #1
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These questions are taken from the book 'Probability and Statistics for Engineering and the Sciences' by Jay L. Devore (8th Edition)

Question : A library subscribes to two different weekly news magazines, each of which is supposed to arrive in Wednesday's mail. In actuality, each one may arrive on Wednesday, Thursday, Friday, or Saturday. Suppose the two arrive independently of one another, and for each one P(Wed.) = 0.3, P(Thurs.) = 0.4, P(Fri.) = 0.2, and P(Sat.) = 0.1. Let Y = the number of days beyond Wednesday that it takes for both magazines to arrive (so possible Y values are 0, 1, 2, or 3). Compute the pmf of Y.

Question : Airlines sometimes overbook flights. Suppose that for a plane with 50 seats, 55 passengers have tickets. Define the random variable Y as the number of ticketed passengers who actually show up for the flight. The probability mass function of Y appears in the accompanying table. Y 45 46 47 48 49 50 51 52 53 54 55 P(y) 0.05 0.10 0.12 0.14 0.25 0.17 0.06 0.05 0.03 0.02 0.01
a. What is the probability that the flight will accommodate all ticketed passengers who show up?
b. What is the probability that not all ticketed passengers who show up can be accommodated?
c. If you are the first person on the standby list (which means you will be the first one to get on the plane if there are any seats available after all ticketed passengers have been accommodated), what is the probability that you will be able to take the flight? What is this probability if you are the third person on the standby list?

Probability Distribution for Discrete Random Variables Solved Example #1 Looking for One-One Online Statistics coaching? Schedule a free discussion call with us. Mail: [email protected] Whatsapp: +91-9560560080(Hourly Rates Start...

Statistics: Introduction to p-Value
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Introduction to p-Value Get access to the full course: http://www.eduspred.com/courses/normal-distribution-hypothesis-testingThis lecture is a part of a 6 hours course on Normal Dis...

Statistics: Basics of Hypothesis Testing (Step by Step Explanation)
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Basics of Hypothesis Testing (Step by Step Explanation) Get access to the full course: http://www.eduspred.com/courses/normal-distribution-hypothesis-testingThis lecture is a part of a 6 hours course on Normal Dis...

Statistics: Characteristics of Normal Distribution
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Characteristics of Normal Distribution Looking for One-One Online Statistics coaching? Schedule a free discussion call with us. Mail: [email protected] Whatsapp: +91-9560560080(Hourly Rates Start...

Statistics: Basics of Normal Distribution
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Normal Distribution Get access to the full course: http://www.eduspred.com/courses/normal-distribution-hypothesis-testingThis lecture is a part of a 6 hours course on Normal Dis...

Statistics: Basics of Uniform Distribution
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Uniform Distribution Get access to the full course: http://www.eduspred.com/courses/normal-distribution-hypothesis-testingThis lecture is a part of a 6 hours course on Normal Dis...

Statistics: Mean, Median, Mode - Which is Best ?
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Mean, Median, Mode - Which is Best ? Get access to the full course: http://www.eduspred.com/courses/data-and-statistics-for-business-economicsThis lecture is a part of a 3 hours course: Data and...

Statistics: Frequency distribution for Qualitative Data
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Frequency distribution for Qualitative Data Looking for One-One Online Statistics coaching? Schedule a free discussion call with us. Mail: [email protected] Whatsapp: +91-9560560080(Hourly Rates Start...

Statistics: Ungrouped and Grouped Frequency Distribution for Discrete Data
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Ungrouped and Grouped Frequency Distribution for Discrete Data Get access to the full course: http://www.eduspred.com/courses/data-and-statistics-for-business-economicsThis lecture is a part of a 3 hours course: Data and...

Data and Statistics - How to collect data
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Data and Statistics - How to collect data Get access to the full course: http://www.eduspred.com/courses/data-and-statistics-for-business-economicsThis lecture is a part of a 3 hours course: Data and...

Statistics: Types of Data - Qualitative and Quantitative
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Types of Data - Qualitative and Quantitative Looking for One-One Online Statistics coaching? Schedule a free discussion call with us. Mail: [email protected] Whatsapp: +91-9560560080(Hourly Rates Start...

Mistakes Students Do in Simple Linear Regression (Part 7) – Testing the hypothesis on estimators or parameters?
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Mistake 7 (Simple Linear Regression) - Testing the hypothesis on estimators or parameters? Looking for One-One Online Econometrics coaching? Schedule a free discussion call with us. Mail: [email protected] Whatsapp: +91-9560560080(Hourly Rates Sta...

Mistakes Students Do in Simple Linear Regression (Part 6) – Standard Deviation or Standard Error
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Mistake 6 (Simple Linear Regression) - Standard Deviation or Standard Error Looking for One-One Online Econometrics coaching? Schedule a free discussion call with us. Mail: [email protected] Whatsapp: +91-9560560080(Hourly Rates Sta...

Mistakes Students Do in Simple Linear Regression (Part 5) – Not paying enough attention to the assumptions and linkages

https://youtu.be/xIHOIo8x3OI

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Whatsapp +91-9560560080 for One-One Online Econometrics Coaching (Hourly rate starting $40 an hour)

Mail: [email protected]

Mistake 5 (Simple Linear Regression) - Not paying enough attention to the assumptions and linkages Looking for One-One Online Econometrics coaching? Schedule a free discussion call with us. Mail: [email protected] Whatsapp: +91-9560560080(Hourly Rates Sta...

Mistakes Students Do in Simple Linear Regression (Part 4) – Not Practicing the Mathematical Expressions
https://youtu.be/EMmwq6-6AzQ

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Whatsapp +91-9560560080 for One-One Online Econometrics Coaching (Hourly rate starting $40 an hour)

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Mistake 4 (Simple Linear Regression) - Not Practicing the Mathematical Expressions Looking for One-One Online Econometrics coaching? Schedule a free discussion call with us. Mail: [email protected] Whatsapp: +91-9560560080(Hourly Rates Sta...

Mistakes Students Do in Simple Linear Regression (Part 3) – Assumptions on the Sample Error?

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Mistake 3 (Simple Linear Regression) - Assumptions on the Sample Error? Looking for One-One Online Econometrics coaching? Schedule a free discussion call with us. Mail: [email protected] Whatsapp: +91-9560560080(Hourly Rates Sta...

Mistakes Students Do in Simple Linear Regression (Part 2) – What do you minimise in the method of OLS?
https://youtu.be/NobRN_v5wag

Whatsapp +91-9560560080 for One-One Online Econometrics Coaching (Hourly rate starting $40 an hour)

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Mistake 2 (Simple Linear Regression) - What do you minimise in the method of OLS? Looking for One-One Online Econometrics coaching? Schedule a free discussion call with us. Mail: [email protected] Whatsapp: +91-9560560080(Hourly Rates Sta...

Mistakes Students Do in Simple Linear Regression (Part 1) – Placement of Error Term in Regression Equations
https://youtu.be/GUF3MBloxro

Whatsapp +91-9560560080 for One-One Online Econometrics Coaching (Hourly charges starting $40 an hour)

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Online Coaching Page: https://www.eduspred.com/pages/help-microeconomics-econometrics-statistics-tutor

Mistake 1 (Simple Linear Regression) - Placement of Error Term in Regression Equations Looking for One-One Online Econometrics coaching? Schedule a free discussion call with us. Mail: [email protected] Whatsapp: +91-9560560080(Hourly Rates Sta...