Economics:

State the definitions of the following statistical concepts and explain intuitively what they represent in econometric estimations. (a) Attenuator bias (b) Sample regression function (c) Efficient estimator Econometrics question.20 Question 4: 20 points Discuss how the log of quantity and the log of price can be used to measure elastic- ity econometrically. Additionally, discuss how instrumental variables can eliminate bias in econometric estimation.50. Calculate t-value required for the statistical verification of the significance of the intercept term included in the following econometric model An econometric model: Wit = 10.5 - 0.35x2. + 0.45X3+ + Ent SE (4.25) (5.1) (5.7)