Tutor profile: Alice R.
What is the probability of rolling two dice and getting at least one odd number?
Given that there are 4 possible outcomes when you roll 2 dice (even + even, even + odd, odd + even, and odd + odd), that 3 of these outcomes include one odd number, and that there is a 1/4 chance of rolling each combination, the overall probability is equal to 3*1/4 = 3/4 or 75%.
What conditions must exist for Omitted Variable Bias to occur?
The variable must 1) be correlated with the dependent variable and 2) be correlated with at least one of the independent variables in the model.
Explain the difference between a shift in the demand curve and movement along the demand curve.
Movement along the demand curve happens only when there is a change in price, whereas a shift in demand is the result of a change in demand even though the price is still the same as it was before.
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