We are using data to investigate the the relationship between workers’ education and their wage. the data can be found on blackboard under the folder homework 3 which contains a database wage_data. csv for full-time, full-year workers aged 28-38. a description of the data is provided in the pdf file wage_data_descr. (a) suppose that all assumptions for ols are satisfied and estimate the following regression model: wagei = β0 + β1higheduci + ui , i = 1, . . , n. (4) the higheduc is equal to 1 if the individual accepted more than 12 years of eductaoin and is equal to 0 otherwise. there is no higheduc varialbe in the original dataset so that you need to create the varialbe by yourself. report the value of βˆ 1 and its heteroskedasticity robust standard error. (b) what is β1 measuring in this model.

The production manager of rordan corporation has submitted the following quarterly production forecast for the upcoming fiscal year: 1st quarter 2nd quarter 3rd quarter 4th quarter units to be produced 10,800 8,500 7,100 11,200 each unit requires 0.25 direct labor-hours, and direct laborers are paid $20.00 per hour. required: 1. prepare the company’s direct labor budget for the upcoming fiscal year. assume that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced. 2. prepare the company’s direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is not adjusted each quarter. instead, assume that the company’s direct labor workforce consists of permanent employees who are guaranteed to be paid for at least 2,500 hours of work each quarter. if the number of required direct labor-hours is less than this number, the workers are paid for 2,500 hours anyway. any hours worked in excess of 2,500 hours in a quarter are paid at the rate of 1.5 times the normal hourly rate for direct labor.

During which of the following phases of the business cycle does the real gdp fall? a. trough b. expansion c. contraction d. peak

Amanufacturer has paid an engineering firm $200,000 to design a new plant, and it will cost another $2 million to build the plant. in the meantime, however, the manufacturer has learned of a foreign company that offers to build an equivalent plant for $2,100,000. what should the manufacturer do?