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Introductory Econometrics: A Modern Approach 6th Edition by Jeffrey M Wooldridge
Edition 6ISBN: 130527010XIntroductory Econometrics: A Modern Approach 6th Edition by Jeffrey M Wooldridge
Edition 6ISBN: 130527010XUse the data in LAWSCH85.RAW for this exercise.
(i) Using the same model as Problem 3.4, state and test the null hypothesis that the rank of law schools has no ceteris paribus effect on median starting salary.
(ii) Are features of the incoming class of students—namely, LSAT and GPA— i ndividually or jointly significant for explaining salary? (Be sure to account for missing data on LSAT and GPA.)
(iii) Test whether the size of the entering class (clsize) or the size of the faculty (faculty) needs to be added to this equation; carry out a single test. (Be careful to account for missing data on clsize and faculty.)
(iv) What factors might influence the rank of the law school that are not included in the salary regression?
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The median starting salary for law school graduates is given as a log-linear regression equation where the salary of the graduates depends on median LSAT score, median GPA score of college, number of volumes in law school library, annual cost of attending law school and ranking of the law school.
The model is as follows:
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