Touro currently works part-time for the travel agency Tourista. His boss wanted him to estimate how demand for nondurable goods and services, from the population in general and from tourists in particular, would be affected by an increase in minimum wage in the state. Thus, he can’t wait to start this chapter, knowing that once he finishes with it, he will be able to:
1. Develop econometric models for simple linear regression;
2. Distinguish between the regression estimators and the estimates;
3. Analyze basic concepts for t-tests and goodness-of-fit measurements;
4. Perform data analyses and interpret the results using Excel.
Prof. Metric reminds us that an econometric model is used to ...