Using data from 50 workers, a researcher estimates Wage = 0 + 1Education + 2Experience + 3Age

Using data from 50 workers, a researcher estimates Wage = β0 + β1Education + β2Experience + β3Age + , 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. A portion of the regression results is shown in the following table.

a. Interpret the point estimates for β1 and β2.
b. What is the sample regression equation?
c. Predict the hourly wage rate for a 30-year-old worker with 4 years of higher education and 3 years ofexperience.

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Standard Coefficients Error tStat p-value 1.93 0.0603 4.24 0.0001 3.16 0.0028 -0.14 0.8920 4.09 0.34 0.14 0.08 7.87 1.44 Intercept Education Experience 0.45 Age -0.01