How many simulation draws are needed: take the model from Exercise 3.5 that predicts course evaluations from beauty and other input variables. Use display() to summarize the model fit. Focus on the estimate and standard error for the coefficient of beauty.
(a) Use sim() with n.iter = 10000. Compute the mean and standard deviations of the 1000 simulations of the coefficient of beauty, and check that these are close to the output from display.
(b) Repeat with n.iter = 1000, n.iter = 100, and n.iter = 10. Do each of these a few times in order to get a sense of the simulation variability.
(c) How many simulations were needed to give a good approximation to the mean and standard error for the coefficient of beauty?
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