Question: x = 2.2, y = 4,Z = 0.8, Var(x) = 2, Var(y) = 1.6, Var(z) = 4.1, Cov(x,y) = 2.2, Cov(x,z) = 3, Cov(z,y) =

x = 2.2, y = 4,Z = 0.8, Var(x) = 2, Var(y) = 1.6, Var(z) = 4.1, Cov(x,y) = 2.2, Cov(x,z) = 3, Cov(z,y) = 2.6 Following the notation used during the lectures, y is the dependent variable, x is the independent variable, and z is the instrumental variable. 17. The average value of the instrumental variable is equal to (1 marks) 18. The constant of a simple regression of y on x is equal to . (3 marks) 19. The IV estimate of an effect of x on y (using z as an instrument) is equal to (2 marks) 20. is the symbol used to indicate the population variance of the error term. (2 marks)

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