Econometrics, economics homework help

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vsryhkr

Economics

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Analyzing and understanding data is an important part of decision making. Econometrics is defined as the statistical methods used to analyze data and make informed decisions. For this assignment, you are required to research data related to an economic issue or situation relevant to your organization or a business organization in general. Use the Bureau of Economic Analysis websiteto choose data for this assignment. In addition, review the articles in Topic Materials relating to econometrics. Analyze the data you have selected to determine how to use them to make appropriate economic decisions for an organization. As you are analyzing the data, apply econometrics methods (linear regression, statistical mathematics, nonlinear regression, or another relevant model) to validate data and determine strategies and solutions for the economic data retrieved. Please review the "Sample Econometrics Problem" resource to assist you in completing this assignment.

Write a summary (500-750 words) to discuss your data findings and the proposed solutions generated based on applying econometrics and analyzing the data. You are required to submit the selected data, methods for testing and validating data, and the economic decisions you have established based on analysis of the data.

Prepare this assignment according to the guidelines found in the APA Style Guide, located in the Student Success Center. An abstract is not required.

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Explanation & Answer

Here. Kindly find the attached answers. Thanks

Running Head: ECONOMETRICS

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Econometrics
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College
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Tutor
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ECONOMETRICS

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The data related to an economic issue relevant to business organization is the Bureau of
economic analysis data which disseminates the information about the gross domestic product
(GDP) of United States of America in 2016. Brezina described GDP as “the monetary value of
the finished goods and services produced in a country in a given time” (2012). The value is a
good indicator of an economic condition of a country and could be calculated on an annual or
quarterly basis. It is considered a good indicator owing to its measurement of the value added
through economic process. Researching data the related to the GDP is of great relevance to
business organizations as it enables organizations’ management to make sound economic
decisions.
The study involved looking out for the values of the real GDP and the contributions of
the various economic sectors to the GDP. Statistical methods were then used to calculate the
mean, median and range so as to determine strategies and solutions for the data. According to the
BEA, various industries contributed differently to the GDP of the United States (U.S.A) in the
year 2016 (Brezina, 2012). ‘Finance and insurance’, ‘The professional scientific and technical
services’ and ‘Retail trade’ industries were the three greatest contributors to increased growth
witnessed in the final quarter of the year. The real value added of the finance and insurance
industry increased by 6.3 in the 4th quarter while it had increa...


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