Question
Run a bivariate regression of median house value (medv, in thousands of $) on lower Socio-Economic Status (lstat, percent of population). The effect of a
Run a bivariate regression of median house value (medv, in thousands of $) on lower Socio-Economic Status (lstat, percent of population). The effect of a 1 percentage point increase in low SES on median house value is $__________ k.
Use coeftest(), which gets loaded with the AER package, with the argument vcov. = vcovHC to obtain robust standard errors. The ratio of the robust standard error on the slope of this bivariate model to the homoskedastic form of its standard error (ie dividing the robust standard error by the non-robust standard error) is _________.
Looking at a scatter plot of the median house value vs SES, it appears that there might be a non-linear relationship between the two variables. When you run a bivariate regression of median house value on log(SES), R^2 increases over your unlogged bivariate regression by ______.
Use the formula medv ~ poly(lstat,2) to fit a quadratic, medv ~ poly(lstat,3) to fit a cubic and so on. You can graph it in ggplot using geom_smooth and the arguments method=lm and that same formula string. What's the highest order polynomial before the fitted curve is non-monotonic within the range of the data?
Using the formula = medv ~ . will run a kitchen sink regression because R interprets that . to mean every other variable in the data set (although it does not include transformations, polynomial expansions, or interactions). The p-value of the least significant regressor for that kitchen sink specification is _______.
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