Question 1 8 1.5 pts Download the data le @pairs with dummies here 33, . The le contains hypothetical data on the time it takes to complete a set of repairs. Included in each element are observations on the repair person, the type of repair (mechanical or electrical) and the months since the last service date of the item repaired. Dummy variables (0 for services completed by Dave Newton and 1 for Bob Johnson) for service person and repair type (1 for electrical and 0 for mechanical) have been created for you. The objective of this exercise is to show the potential consequences of omitting important variables from regressions. Suppose managers decide to study only time to repair by service person and create and estimate a simple regression model: time to repair(y) = 50 + ,81 Repair person dummy variab1e(w1 + e The model is estimated as estimated time to repair(;)) 2 b0 + in Repair person dummy v riab1e(:c1) Use Excel to estimate the coefcients b0 and b1 and select the best answers below. The value for b] is [SP-lad] V and [5856\"] V suggesting that repairs done by [Select] V take longer to complete. Question 18 Download the data le Epairs with dummies here i, . The le contains hypothetical data on the time it takes to complete a set of repairs. Included in each element are observations on the repair person, the type of repair (mechanical or electrical) and the months since the last service date of the item repaired. Dummy variables (0 for services completed by Dave Newton and 'I for Bob Johnson) for service person and repair type (1 for electrical and 0 for mechanical) have been created for you. The objective of this exercise is to show the potential consequences of omitting important variables from regressions. Suppose managers decide to study only time to repair by service person and create and estimate a simple regression model: time to repair(y) 2 g + [31 Repair person dummy variab1e(a:1 + e The model is estimated as estimated time to repairj) 2 b0 + 131 Repair person dummy v riable(:1:1) Use Excel to estimate the coefficients b0 and b1 and select the best answers below. [ Select] The value for b1 i v' greater than zero and less than zero statistically signi equal to zero pairs done by undetermined Bob Jones VI take longer to complete. Question 18 Download the data le Epairs with dummies here i, . The le contains hypothetical data on the time it takes to complete a set of repairs. Included in each element are observations on the repair person, the type of repair (mechanical or electrical) and the months since the last service date of the item repaired. Dummy variables (0 for services completed by Dave Newton and 'l for Bob Johnson) for service person and repair type (1 for electrical and 0 for mechanical) have been created for you. The objective of this exercise is to show the potential consequences of omitting important variables from regressions. Suppose managers decide to study only time to repair by service person and create and estimate a simple regression model: time to repair(y) 2 g + [31 Repair person dummy variab1e(a:1 + e The model is estimated as estimated time to repairj) 2 b0 + 131 Repair person dummy v riable(:1:1) Use Excel to estimate the coefficients b0 and b1 and select the best answers below. __Ibe value for b] .lSJ greater than zero [Select] ~/ statistically significant at a level of 1% not statistically significantly different from zero statistically significant from zero at a 5% level, but not at a 1% level. Question 18 Download the data le Epairs with dummies here i, . The le contains hypothetical data on the time it takes to complete a set of repairs. Included in each element are observations on the repair person, the type of repair (mechanical or electrical) and the months since the last service date of the item repaired. Dummy variables (0 for services completed by Dave Newton and 'I for Bob Johnson) for service person and repair type (1 for electrical and 0 for mechanical) have been created for you. The objective of this exercise is to show the potential consequences of omitting important variables from regressions. Suppose managers decide to study only time to repair by service person and create and estimate a simple regression model: time to repair(y) 2 g + [31 Repair person dummy variab1e(a:1 + e The model is estimated as estimated time to repairj) 2 b0 + 131 Repair person dummy v riable(:1:1) Use Excel to estimate the coefficients b0 and b1 and select the best answers below. The value for b1 is greater than zero v and L statistically signicant at a lev V Lsmgsimlhat repairs done by [Select] ~/ Bob Jones omplete. Dave Newton Either or Bob or Dave, the answer is uncertain /