8-page double-spaced paper in 12pt Times New Roman.
Elaborate, in detail, what you have learned this semester. Topics include simple regression, multiple regression, hypothesis testing, dummy variables, and
linear probability model.
Discuss how you think it can be applied to real life.
(Optional for extra credit) Use at least one dataset you retrieve from American Community Survey microdata to illustrate your point(s). You will have to
formulate a model, download the data, run the regression, and if necessary, perform other tasks such as hypothesis testing, to make a point. The variables
and the model must make basic sense, or no extra credit will be given (you cannot simply select some variables randomly). All data work must be done in
R/RStudio. You will have to provide the variable names, what the names stand for (called variable labels), and screenshots to demonstrate how the data work
has been done (including summary stats, and all the commands and results from your RStudio window). The screenshots are not included in the page count.
The amount of extra credit will depend on the quality of your data work with a ceiling of 5% of the total grade for the course. Whether it is worthwhile to
attempt to get some extra credit is your call. Below is where to get the data:
Go to https://www.census.gov/programs-surveys/acs/microdata.html
Click data.census.gov
Select ACS 1-year Estimates 1-year Estimates-Public Use Microdata Sample, and then select the year 2019
On the next page, select the variables you want/need based on the variable descriiptions.
Download the data as raw data (.CSV), then load the csv file into RStudio.
Some variables may have recoded values such as 9999 or -1 that do not make sense. You will need to check the variable descriiption and deal with them
accordingly, otherwise, your results will not make any sense. Others may have values that are not related to what they refer to. For example, variable “vacancy
status” has 8 values. They are 0 – NA, 1 – for rent, 2 – rented, 3 – for sale…….you cannot use this variable as is because the numerical increments do not
mean anything, and therefore, cannot be interpreted. You will have to either turn them into different dummies or not use it at all. I will check, when grading the
paper, if what you have done makes sense.
The purpose of this paper is to demonstrate your understanding of the topics. You must write in your OWN words. Academic dishonesty is prohibited and is
punishable. Papers written by different authors should not and cannot be substantially similar.