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Introductory Econometrics. Essay

1175 words - 5 pages

introductory econometrics(Textile and textile industry)Q1:Present your data in a table giving precise definitions and sources for each variable plus brief footnoteon any methods you had to used to construct your variables.QDD(£m)POPN(k)P-PRICE R-PRICE GDP(£m)QTYPCTA RELPRICE INCPCPA DUMMY514056,330100.066.8229,5830.911.497061.01320491856,357104.574.8252,2440.841.463959.83720506856,298110.481.2275,8510.821.453260.34280543956,328116.484.9301,5240.831.465363.05071614056,432123.189.2323,0980.881.480964.18651664856,567129.694.6354,2290.911.473666.19571678856,699135.497.8380,5970.881.486768.63591757156,850141.8101.9418,2210.941.481872.19401793056,970149.3106.9466,5200.931.476176.60311794257,248156.2115.2511,8890.891.428077.61811764857,436164.0126.1554,4860.811.380776.55811738457,472174.5133.5582,9460.741.374575.97851754457,593180.2138.5606,5820.731.371176.04491Annual demand for textile and textile industry 1980-1992QDD: Annual Demand for Good Y (textile and textile industry)POPN: PopulationP-PRICE: Producer Price for textile and textile industry; all Converted to base 1980 price as 100R-PRICE: Retail price for all Goods; all Converted to base Jan 1987 price as 100GDP: GDP at current priceQTYPCTA: Per Capita Consumption of Good Y(Total Demand for Goods in money term/ Producer Price / Population)RELPRICE: Relative Price (producer price/ retail price)INCPCPA: Real Income per Capita (GDP at current price/retail price/population)DUMMY: Dummy Variable (1 for last ten years; 0 for the rests)This is the annual demand table for textile and tixtile industry from 1980 to 1992, as relative figures after 1992 could not be found in Annual Abstracts of Statistics of the U.K. (I got he agreement from Dr Sam Cameron that I can reduce my year)P.S. 1. The data for annual demand for Good Y in annual abstract is described in money term, so itis divided by the producer price to get the unit term data.2. Relative Price is the price of Good Y as ratio of Price of other Goods, so it is calculated asproducer price /retail price.3. GDP (at current price) is divided by retail price to eliminate the effect of inflation.Q2.1The estimated equation goes as followed:Y=b0+b1X1t+b2X2t-b3X3t+Utqtypcta = 0.08619 + 0.642relprice - 0.00236incpcta+ 0.05781dummy + UtQ2.2Present your results in a table, which shows the coefficients with standard errorsin brackets, sample size and R squared.CoefficientSample sizeR squaredconstantRelpriceIncpctadummy0.08619(0.424)0.642 (0.257)0.00236(0.003)0.05781(0.059)13(1980-1992)0.429Q2.3State the expectations for the signs of b0, b1, b2, b3 that economic theory would predictb0+-It is depends on the best fit line, it may be negative or positiveb1-In line with demand theory, the higher the price of the good in relation to other goods, the lower the consumption of that good. It is negative.b2+In line with demand theory, the higher the income, the higher and the consumption. It is positive.b3+-It is the coefficient of dummy variable; the dummy...

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