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2 Computation Question (50 points) Dellowion results for US are applicable to Macao society, read the Thble 3 (a) (10 points) Macao has a population of around 658,400 people. Suppose Miacao increaced the tax on a case of beer by $2 MOP. Use the results in column (5) to predict the number of lives that wridd be awd over the next year. Construct a 95% confidence interval for your answer. (b) (10 points) Some senators suggest setting the drinking age to 18. Suppose that the Council decides to elevate the drinking age to 21 . Use the results in column (5) to predict the change in the number of traffic fatalities in the next year. Construct a 95% confidence interval for your answer. (c) (10 points) Based on the econometric model developed by the Center for Macao Studics and the Department of Economics of UM, the real income per capita in Macao is predicted to decrease by around 20% in 2022 due to COVID-19. Use the results in column (6) to predict the change in the number of traffic fatalities in 2022. Construct a 95% confidence interval for your answer. (d) (10 points) How should standard errors be clustered in the regressions in columns (2) through (7)? (e) (10 points) How should minimum drinking age be included in the regressions? Should it enter as a continuous variable or as a series of indicator variables? Be specific about the information you use to assess this question. 2 Computation Question (50 points) arinking ase is the Leginlative Council in order bo lower the case of traffic death calsed by drunk driving. har arguments convincing, she collected a sequence of penclard errors.) Now assuming the above regression results for US are applicable to Macao society, read the Table 3 carefully and answer the following questions: (a) (10 points) Macao has a population of around 658,400 people. Suppose Macao increased the tax on a case of beer by $2 MOP. Use the results in column (5) to predict the number of lives that would be saved over the next year. Construet a 95% confidence interval for your answer. 2 Computation Question (50 points) Dellowion results for US are applicable to Macao society, read the Thble 3 (a) (10 points) Macao has a population of around 658,400 people. Suppose Miacao increaced the tax on a case of beer by $2 MOP. Use the results in column (5) to predict the number of lives that wridd be awd over the next year. Construct a 95% confidence interval for your answer. (b) (10 points) Some senators suggest setting the drinking age to 18. Suppose that the Council decides to elevate the drinking age to 21 . Use the results in column (5) to predict the change in the number of traffic fatalities in the next year. Construct a 95% confidence interval for your answer. (c) (10 points) Based on the econometric model developed by the Center for Macao Studics and the Department of Economics of UM, the real income per capita in Macao is predicted to decrease by around 20% in 2022 due to COVID-19. Use the results in column (6) to predict the change in the number of traffic fatalities in 2022. Construct a 95% confidence interval for your answer. (d) (10 points) How should standard errors be clustered in the regressions in columns (2) through (7)? (e) (10 points) How should minimum drinking age be included in the regressions? Should it enter as a continuous variable or as a series of indicator variables? Be specific about the information you use to assess this question. 2 Computation Question (50 points) arinking ase is the Leginlative Council in order bo lower the case of traffic death calsed by drunk driving. har arguments convincing, she collected a sequence of penclard errors.) Now assuming the above regression results for US are applicable to Macao society, read the Table 3 carefully and answer the following questions: (a) (10 points) Macao has a population of around 658,400 people. Suppose Macao increased the tax on a case of beer by $2 MOP. Use the results in column (5) to predict the number of lives that would be saved over the next year. Construet a 95% confidence interval for your