Using data from 50 workers, a researcher estimates Wage = β0 + β1Education + β2Experience + β3Age + ε, where Wage is the hourly wage rate and Education, Experience, and Age are the years of higher education, the years of experience, and the age of the worker, respectively. The regression results are shown in the following table.
Coefficients | Standard Error |
t Stat | p-Value | |
Intercept | 7.17 | 4.26 | 1.68 | 0.0991 |
Education | 1.81 | 0.35 | 5.17 | 0.0000 |
Experience | 0.45 | 0.10 | 4.50 | 0.0000 |
Age | −0.01 | 0.06 | −0.17 | 0.8684 |
a-1. Interpret the point estimate for β1.
As Education increases by 1 year, Wage is predicted to increase by 1.81/hour.
As Education increases by 1 year, Wage is predicted to increase by 0.45/hour.
As Education increases by 1 year, Wage is predicted to increase by 1.81/hour, holding Age and Experience constant.
As Education increases by 1 year, Wage is predicted to increase by 0.45/hour, holding Age and Experience constant.
a-2. Interpret the point estimate for β2.
As Experience increases by 1 year, Wage is predicted to increase by 1.81/hour.
As Experience increases by 1 year, Wage is predicted to increase by 0.45/hour.
As Experience increases by 1 year, Wage is predicted to increase by 1.81/hour, holding Age and Education constant.
As Experience increases by 1 year, Wage is predicted to increase by 0.45/hour, holding Age and Education constant.
b. What is the sample regression equation? (Negative values should be indicated by a minus sign. Round your answers to 2 decimal places.)
c. Predict the hourly wage rate for a 22-year-old worker with 3 years of higher education and 4 years of experience. (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Coefficients | Standard Error |
t Stat | p-Value | |
Intercept | 7.17 | 4.26 | 1.68 | 0.0991 |
Education | 1.81 | 0.35 | 5.17 | 0.0000 |
Experience | 0.45 | 0.10 | 4.50 | 0.0000 |
Age | −0.01 | 0.06 | −0.17 | 0.8684 |
a-1)
As Education increases by 1 year, Wage is predicted to increase by 1.81/hour, holding Age and Experience constant.
a-2)
As Experience increases by 1 year, Wage is predicted to increase by 0.45/hour, holding Age and Education constant.
b)
Wage = 7.17 + 1.81 * Education + 0.45 * Experience - 0.01 * Age
c)
Wage = 7.17 + 1.81 * 3 + 0.45 * 4 - 0.01 * 22
Wage = 14.18
Using data from 50 workers, a researcher estimates Wage = β0 + β1Education + β2Experience +...
Using data from 50 workers, a researcher estimates Wage = β0 + β1Education + β2Experience + β3Age + ε, where Wage is the hourly wage rate and Education, Experience, and Age are the years of higher education, the years of experience, and the age of the worker, respectively. The regression results are shown in the following table. Coefficients Standard Error t Stat p-Value Intercept 7.73 3.94 1.96 0.0558 Education 1.15 0.39 2.95 0.0050 Experience 0.45 0.11 4.09 0.0002 Age −0.03...
Using data from 50 workers, a researcher estimates Wage = β0 + β1Education + β2Experience + β3Age + ε, where Wage is the hourly wage rate and Education, Experience, and Age are the years of higher education, the years of experience, and the age of the worker, respectively. The regression results are shown in the following table. Coefficients Standard Error t Stat p-Value Intercept 8.23 4.40 1.87 0.0678 Education 1.23 0.38 3.24 0.0022 Experience 0.53 0.18 2.94 0.0051 Age −0.08...
2 Using data from 50 workers, a researcher estimates Wage BoIEducation + 2Experience B3Age E, where Wage is the hourly wage rate and Education, Experience, and Age are the years of higher education, the years of experience, and the age of the worker respectively. The regression results are shown in the following table. 10 points Standard Coefficients t Stat P-Value 0.1310 0.0003 0.0022 Error 4.24 Intercept Education Experience Age 6.52 1.32 1.54 0.34 0.12 3.88 3.25 -0.20 0.39 0.01 0.05...
Using data from 50 workers, a researcher estimates Wage = ?0 + ?1Education + ?2Experience + ?3Age + ?, where Wage is the hourly wage rate and Education, Experience, and Age are the years of higher education, the years of experience, and the age of the worker, respectively. The regression results are shown in the following table. Coefficients Standard Error t Stat p-Value Intercept 7.58 4.42 1.71 0.0931 Education 1.68 0.37 4.54 0.0000 Experience 0.35 0.18 1.94 0.0580 Age ?0.06...
A researcher interviews 50 employees of a large manufacturer and collects data on each worker’s hourly wage (Wage), years of higher education (EDUC), experience (EXPER), and age (AGE). Wage EDUC EXPER AGE Male 37.85 11 2 40 1 21.72 4 1 39 0 ⋮ ⋮ ⋮ ⋮ ⋮ 24.18 8 11 64 0 A researcher interviews 50 employees of a large manufacturer and collects data on each worker's hourly wage (Wage), years of higher education (EDUC), experience (EXPER), and age...
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Here is the information that is needed for this work: A researcher interviews 50 employees of a large manufacturer and colects data on each worker's hourly wage (Wage), years of higher education (EDUC), experience (EXPER) and age AGE). The data can be found in the SPSS 6 Wage excel data file posted on Connect. Use SPSS to generate the output. Upload the one page Word file on to Connect by the due date. The face to face and hybrid students...
We run a regression to test whether higher working experience leads to higher hourly wages, and include three explanatory variables age, education squared, and log of experience. We obtain the following fitted regression line. How to interpret the coefficient of age? A. percent B. When age increases 1 unit, wage increases 0.56 unit C. When age increases 1 unit, wage increases 0.56 percent D. percent
What R code do I use to solve this? A researcher interviews 50 employees of a large manufacturer and collects data on each worker’s hourly wage (Wage), years of higher education (EDUC), experience (EXPER), and age (AGE). Wage,EDUC,EXPER,AGE,Male 37.85,11,2,40,1 21.72,4,1,39,0 14.34,4,2,38,0 21.26,5,9,53,1 24.65,6,15,59,1 25.65,6,12,36,1 15.45,9,5,45,0 20.39,4,12,37,0 29.13,5,14,37,1 27.33,11,3,43,1 18.02,8,5,32,0 20.39,9,18,40,1 24.18,7,1,49,1 17.29,4,10,43,0 15.61,1,9,31,0 35.07,9,22,45,0 40.33,11,3,31,1 20.39,4,14,55,0 16.61,6,5,30,1 16.33,9,3,28,0 23.15,6,15,60,1 20.39,4,13,32,0 14.88,4,9,58,1 13.88,5,4,28,0 17.65,6,5,40,1 15.45,6,2,37,0 26.35,4,18,52,1 19.15,6,4,44,0 16.61,6,4,57,0 18.39,9,3,30,1 15.45,5,8,43,0 18.02,7,6,31,1 13.44,4,3,33,0 17.66,6,23,51,1 16.96,4,15,37,0 14.34,4,9,45,0 15.45,6,3,55,0 17.43,5,14,57,0 35.89,9,16,36,1 20.39,4,20,60,1 11.81,4,5,35,0 15.45,9,10,34,0...
20. A social scientist would like to analyze the relationship between educational attainment (in years of higher education) and annual salary (in $1,000s). He collects data on 20 individuals. A portion of the data is as follows: Salary Education 35 1 67 6 ⋮ ⋮ 32 0 a. Find the sample regression equation for the model: Salary = β0 + β1Education + ε. (Round answers to 2 decimal places.) Salaryˆ=Salary^= + Education b. Interpret the coefficient for Education. As Education...