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Mathematical model is exact in nature.it has Beta zero and Beta one and no stochastic or disturbance variables. Econometric model represents omitted variable, error in measurement and stochastic variables.

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What is the major difference between the null and alternative hypothesis?

In research, a null hypothesis means that no results will be found. An alternative hypothesis means that results will be found.


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Non modifiable risk factors are things you cannot control such as age, race and family history. Modifiable risk factors on the other hand are things you can control such as weight, physical inactivity and smoking.


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The term empirical means "based on observation or experiment." An empirical probability is generally, but not always, given with a number indicating the possible percent error (e.g. 80+/-3%). A theoretical probability, however, is one that is calculatedbased on theory, i.e., without running any experiments.Since there is no theory that will calculate the probability that an area will experience an earthquake within a given time frame, the 90% figure is an empirical probability, presumably based on data of major earthquakes in the San Francisco area over past years.


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Econometric is a mathematical and statistical tool for empirical economic analysis. An econometric model is a set of equations that depict the major relationship in the economy. It is usually used in economic analysis to illustrate cause-effect relations and to help to predict the future tendencies for key variables. Source(S): heytutor.com/econometrics-tutor


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