Q4 (A) What are the special features of (a) cross-section data, (b) time series

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Q4 (A) What are the special features of (a) cross-section data, (b) time series data, and (c) panel data? Q4 (B) What is meant by a fixed effects model (FEM)? Since panel data have both time and space dimensions, how does FEM allow for both dimensions? Q4 (A) What are the special features of (a) cross-section data, (b) time series data and (c) panel data? Q4 (B) What is meant by a fixed effects model (FEM)? Since panel data have both time and space dimensions, how does FEM allow for both dimensions? U.S. EGG PRODUCTION State AL 2,206 2,186 State Y 927 91.4 149.0 68.0 66.0 50.3 48.9 1.8 53.9 52.7 49 109.0 104.0 85.0 83.0 164 CA 7,472 7,444 DE ,029 873 634 91.8v7.202 CT 1,029 GA 4,302 4,301 0.7 73 AK 74 2.2 AR 3,620 3,737 86 91.8 63.4 58.4 77.8 73.0 948 106.0 104.0 1472 3 06113 ND 4667 520 491 987 NC 3,033 3,045 68.1 64.0 82.8 78.7 55.2 48.0 59.1 54.7 830 101.0 100.0 77.0 74.6 168 FL 2,586 2,537 62.0 57.2 80.6 80.8 227.5 224.5 85.0 85.5 79.1 72.9 65.0 70.5 IN 5,445 5,290 62.7 60.1 2.545735 54.5 47.8 67.773.5 HI 187 5,130 RI 53 A 5445 809 791855 H 51 3045 68.700 2,151 1,422 1,420 70.1 65.9 Sc MD 1,069 254677478 MA #01,4342,697 580''20 vr 4563,356 7,0 58 MO 1,580 1,622 71.0 80.7 76.7 72.6 64.0 59.0 102.0 863 81.2 74.1 71.5 174 104.0 109.0 60.1 54.0 83.0 83.0 563063 5 ME 1,069 ,070 101.0 97.0 76.6 75.4 ,070 1150 735 SD1422 885 1,406 VA 943 ' 1,396 58.0 53.8 1,313 2,499 MS 1,4341,468 87.8 86.7 WI 910 Nob: Y- eggs produced in 1990 (millions) Y2 eggs produced in 1991 (millions) x.-prico per dozen (cents) in 1990 Xy price per dozen (cents) in 1991 Source: World Almanac, 1993, p. 119. The data are from the Eoonomic Rosearch Service, U.S. Department of Agriculturo.

Explanation / Answer

4(A)

4(B) The fixed effects model are the model where we assume that the effect of each predictor variable is identical across the groups taken. The regression models tells the aggregate with-in group effect.

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