Question: QUESTION 1 a) Describe the main differences between cross-sectional data and panel data. b) What are censoring and truncation problems in data analysis? c) Explain

QUESTION 1 a) Describe the main differences between cross-sectional data and panel data. b) What are censoring and truncation problems in data analysis? c) Explain the Method of least square and its assumptions. Also discuss the goodness of fit test and hypothesis testing of coefficient estimates. d) Describe the problem of heteroskedasticity of residuals in ordinary least squares (OLS) regressions (also providing graphical evidence of the problem) and discuss how this problem can be detected and addressed.

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