So we have to write a paper for this semester for my Economic statistics class and My topic is ‘how minimum wage increased unemployment and reduced job creation’ basically I have to update how I am doing on this project every week I did part 1 and 2 last week.
There are part 3 and 4 remember you have to write both of them!
I posted example for part 3 below. Do not copy and paste and you don’t have to rely on them you can read the instruction carefully and write everything what my teacher wants me to do! just do not write about something personal thing such as I am from blah blah.
Thanks
I attached part 1and 2(instruction and my work) on the bottom! for your understanding. Please write as much as you can!
Remember please do part 3 and 4(not 1 and 2) you have to read part 1 and 2 in order to answer 3 and 4 (3 and 4 should be connected with this) please read part 1and 2 before you start 3 and 4. Again please do not answer 1 and 2 i did it already! Thank you
Part 3 instruction
Keep in mind that this project is studying the impact of some independent variable X on a dependent variable Y. But since there are many variables X that have influence on the variable Y, it is important to include all those variables on the right hand side of the equation.
To ensure that the model is both interesting and manageable, it should contain at least three to four independent variables on the right hand side. The model should be formulated as an algebraic, linear, stochastic equation along with a corresponding verbal statement of the meaning of the equation. The expected signs of all the coefficients should be considered. All relevant multipliers, short-run and long-run, should be identified and considered.
Discussion Guidelines:
• Post should be 100 words or less.
• Use a standard font and font size (preferably Arial, 12 point).
• Uses your name and a brief summary as the subject of your post. For example, Betty White: Topic Selection
After your classmates have posted, feel free respond to them and provide suggestions. Student interaction with others is encouraged!
Example
The equation will be the following: Y = β0 + β1X1 + β2X2 + β3X3 + ε
The dependent variable will obviously be Jurassic World tickets sales at the box office, which will correspond to Y. The independent variables will be (1) Average temperature which will be positive, (2) The size of the film market (this will either be by country population or state population depending on what data is more readily available) which will be positive, and possibly (3) Income level of ticket holders, which will be positive. All independent variables will correspond to X.
Part 4 instruction
Before finding a data set, you must be aware of what data will help you to answer the question you are investigating. It helps to understand how you intend to perform your analysis. What unit of observation would be most useful ( local governmental data? international data? etc.)?
In order for you to choose the right data set, you must be clear about what variables you are using before you search for your data set. You should already know what you are using for your dependent variable and what variables will help you answer the research question most effectively.
The UIUC library would be a good place to start in your search for data. In addition to the material resources available there, you can also seek assistance from the data librarian, who will point you in the right direction.
Here are some ideas for data sources that are available for public use:
• Statistical Abstract of the US
• Statistical Handbooks
• Statistical Yearbooks
• Federal Reserve Economic Data
• International Economic Conditions
• National Statistical Abstract
• Center for Research in Securities Prices
this is what I did for 1 and 2
Part1 instruction
The model and the data are the starting points of an econometric project. The first step in formulating a model is to select a topic of interest and to consider the model’s scope and purpose. In particular thought should be given to the objectives of the study, what boundaries to place on the topic, what hypotheses might be tested, what variables might be predicted, and what policies might be evaluated. Close attention must be paid, however, to the availability of adequate data. In particular the model must involve causal relations among measurable variables.
The topic selected can be economic or noneconomic. It could be a particular market (the market for UIUC graduates, the market for economists, the market for cellular phones), a process (economic development, inflation, unemployment), demographic phenomena (birth rates, death rates), environmental phenomena (water quality, air quality), political phenomena (elections, voting behavior of legislatures), some combination of these, or some other topic.
You are free to choose the topic of your choice. The topic you choose will require approval from your instructor. Some paper title examples are presented below:
• Air pollution and Population
• Differential Growth in U.S. Cities
• Birth Rates, Death Rates, and Economic Growth in Developing Economies
• Economic and Social Determinants of Infant Mortality in the United States
• The Relationship between Exports and Growth in Less Developed Countries
Remember that these ideas above are merely examples of reasonable topics. You should be original and follow your own interests. Perhaps the best choice of a topic is one in which you have prior experience or knowledge.
Keep in mind that this project is studying the impact of some independent variable (or variables) X on a dependent variable Y. But since in most cases there are many variables X that have an influence on the variable Y, it is important to include all those variables on the right hand side of the equation. To ensure that the model is both interesting and manageable, it should contain at least three to four independent variables on the right hand side–in other words, we want a multiple regression model. The model should be formulated as an algebraic, linear, stochastic equation along with a corresponding verbal statement of the meaning of the equation. The expected signs of all the coefficients should be considered. All relevant multipliers, short-run and long-run, should be identified and considered.
Part 1
Raising the minimum wage is one of the most hotly debated topics in contemporary America. Just recently, Seattle lawmakers passed a law that would the minimum wage in the city be $15 per hour. Lawmakers in California are also debating on whether to make the minimum wage in the city to be $13 per hour. The general public is generally ignorant of various economic principles. Therefore, people readily agree with the increase in minimum oblivious of its effect on the economy. I want to examine the impact of an increase in the minimum wage on the rate of employment. I would use the number statistics on the increase in minimum wage in different states. I would then compare the corresponding change in employment rate. Analysis of the data would help in determining the impact of modest or significant increases in the minimum wage on the rate of employment. It would help policy makers determine the most effect policy that would help in creating employment without having a negative impact on the economy.
Part2 instruction
Particular thought should be given to the objectives of the study, what boundaries to place on the topic, what hypotheses might be tested, what variables might be predicted, and what policies might be evaluated.
Once you have a general understanding of your topic, narrow it down into a manageable research question or hypothesis. This will help you define the parameters of your research, as well as your argument. A research hypothesis is a statement of expectation or prediction that will be tested by research.
Hypotheses look very much like “mini-arguments”; the objective of the research paper is to present evidence that will prove those hypotheses.
Before formulating your research hypothesis, read about the topic of interest to you. From your reading, which may include articles, books and/or cases, you should gain sufficient information about your topic that will enable you to narrow or limit it and express it as a research question. The research question flows from the topic that you are considering. The research question, when stated as one sentence, is your Research Hypothesis.
In your hypothesis, you are predicting the relationship between variables. Through the disciplinary insights gained in the research process throughout the year, you “prove” your hypothesis. This is a process of discovery to create greater understandings or conclusions.
Discussion Guidelines:
• Post should be 100 words or less.
• Use a standard font and font size (preferably Arial, 12 point).
• Uses your name and a brief summary as the subject of your post. For example, Betty White: Topic Selection
After your classmates have posted, feel free respond to them and provide suggestions. Student interaction with others is encouraged!
Part 2
I would be studying the impact of increase in minimum wage on rate of employment. My hypothesis is that increase in minimum wage increases the rate of unemployment. A modest increase in minimum wage may not lead to a large increase in unemployment rates. However, a large increase in minimum wage would lead to an even larger increase in rates of unemployment. I would use percentage change in minimum wage and the percentage change in employment in the study. I would also determine the median wage of the states and the how the change in minimum wage corresponding to the median wage affects rates of employment. I would also study the changes in non-wage compensation due to increase in minimum wage. Therefore, the research would determine the impact of increase in minimum wage on employment rate and whether changes in minimum wage lead to changes in non-wage compensation.
