Question: Suppose you were hired to develop a model to predict college enrollment in the ith state. a. What functional form(s) would you choose for

Suppose you were hired to develop a model to predict college enrollment in the ith state. a. What functional form(s) would you choose for a model where the dependent variable is college enrollment in the ith state and two of the independent variables are aggregate income level per capita in the ith state and average age of the population in the ith state? Justify your answer. b. Write out the equation for your chosen model and interpret the coefficients. 2. Consider a linear model to explain candy consumption by state: Candy consumption = BO + B1 Income + B2 Price + B3 Age + e Suppose you know that Var (e) = 0^2 Age^2 Write the weighted least squares equation that has a homoskedastic error term.

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