Given the Classical Linear Regression model with usual assumptions i 1 2 n a Examine the ...........

Economics-I Statistical and Econometric Methods

Given the Classical Linear Regression model with

usual assumptions

$\small Y_{i} = \beta _{0} + \beta _{1}X_{1} + U_{i}$

i= 1,2,........................n

(a) Examine the goodness of fit of the model using ANOVA.

(b) If the value of $\small \bar{R}^{2}$ is low, how can it be improved ? (300 words) (20 marks)

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