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Class 11 (Regression (it tells 4 things (Accepted, Significant, Rejected,…

- - - - whether it is accepted or rejected
        
        significant or not significant
  - - - 8 points
        
        obtaining the data
        
        estimation of the parameters of the econometric model
        
        forecasting or prediction
        
        specification of the mathematical model of the theory
        
        using the model for control or policy purposes
        
        specification of the statistical, or econometric, model
        
        statement of theory or hypothesis
        
        hypothesis testing
  - - - income=dependent variable, B=constant term/intercept, qualification & experience= independent variables, B1 & B2= coefficients
      - Income=50.5-0.42Qualification
        
        50.5 is constant term which means on average, this will be the minimum income