Hi, Can anyone solve this Econometrics Question? Question 4: From a data set wit

Question

Hi, Can anyone solve this Econometrics Question?

Question 4: From a data set with observations fort 20 OECD countries in 1960 we have obtained the following (reciprocal) regression model: Y, 3.4 1245.3 X, where X is the monthly income per capita (in 10 US Dollars) and Y is the share of labor force in agriculture (in %). The observations for 6 selected countries are listed in the following table. Calculate the estimated values Y, corresponding residuals = Yi-Yi and the (partial) RSS for those observations, ie. the sum of squares of those residuals. X 29.0 50.4 81.0 1005. 104.9 136.1 Y 42 27 6 18 11

Explanation / Answer

y x 1/x y^ yi-y^ (yi- y^)^2 42 29 0.034483 46.34138 -4.34138 18.84757 27 50.4 0.019841 28.10833 -1.10833 1.228403 11 81 0.012346 18.77407 -7.77407 60.43623 6 1005 0.000995 4.639104 1.360896 1.852037 18 104.9 0.009533 15.27131 2.728694 7.445771 11 136.1 0.007348 12.54989 -1.54989 2.402158 RSS 92.21217

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