The data on the yearly salary ( 1 X ) in thousand USD, the total number of employees ( N ) having salary 1 X , the number of employees (n) between 55 and 65 years of age who have recently retired, and the median number of years employed ( 2 X ) are given below.

(i) Describe how you would formulate a logit model for the given data.
(ii) Estimate the logit model using appropriate software and comment on your results.
(iii) Estimate the marginal effects of independent variables on the response probability and comment on your results.
Show your results graphically.
(iv) Estimate the average marginal effects of the independent variables on the response probability and comment on your results.
(v) Estimate the odds-ratio of the logit model.
(vi) Find out the relative effects of the independent variables.
(vii) Show the actual and predicted probabilities graphically.

Yearly Salary (X1) (in 000 USD) N ni Xa 7 150 35 5.3 9 162 40 8.5 11 175 51 10.2 13 185 54 12.4 16 190 68 14.5 20 120 55 15.0 23 175 89 18.2 25 195 126 20.5 30 170 136 22.5 33 145 122 23.7 35 140 123 25.6 40 130 117 28.5 45 125 115 29.5 50 115 107 30.3 56 105 98 32.5 60 90 86 33.8 65 85 82 35.2