Explain the difference between economic significance and, Microeconomics

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Explain the difference between economic significance and

1. This of the following can cause the usual OLS t statistics to be invalid (that is not to have t distributions under H0). Explain why or why not for each. (6 pts)

a. Heteroskedasticity

b. A sample correlation coefficient of .95 between two independent variables that are in the model.

c. Omitting an important explanatory variable

2. Explain the difference between economic significance and statistical significance.

3. Why shouldn't researchers place too much focus on statistical significance?

4. What are the steps researchers should take when discussing statistical significance?

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Microeconomics: Explain the difference between economic significance and

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