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By Gujarati, Damodar N

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Single−Equation Regression Models 2. Two−Variable Regression Analysis: Some Basic Ideas CHAPTER TWO: © The McGraw−Hill Companies, 2004 TWO-VARIABLE REGRESSION ANALYSIS: SOME BASIC IDEAS 47 our theory is not strong enough to suggest what other variables might be included, why introduce more variables? Let ui represent all other variables. Of course, we should not exclude relevant and important variables just to keep the regression model simple. 7. Wrong functional form: Even if we have theoretically correct variables explaining a phenomenon and even if we can obtain data on these variables, very often we do not know the form of the functional relationship between the regressand and the regressors.

But the general picture that one gets is that, despite the variability of weekly consump- Weekly consumption expenditure, $ 38 I. 1). Gujarati: Basic Econometrics, Fourth Edition I. Single−Equation Regression Models © The McGraw−Hill Companies, 2004 2. Two−Variable Regression Analysis: Some Basic Ideas CHAPTER TWO: TWO-VARIABLE REGRESSION ANALYSIS: SOME BASIC IDEAS 39 tion expenditure within each income bracket, on the average, weekly consumption expenditure increases as income increases. 1 we have given the mean, or average, weekly consumption expenditure corresponding to each of the 10 levels of income.

What form does the function f (Xi ) assume? This is an important question because in real situations we do not have the entire population available for examination. The functional form of the PRF is therefore an empirical question, although in specific cases theory may have something to say. For example, an economist might posit that consumption expenditure is linearly related to income. 2) where β1 and β2 are unknown but fixed parameters known as the regression coefficients; β1 and β2 are also known as intercept and slope coefficients, respectively.

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