Question: The data set in CEOSAL2 contains information on chief executive officers for U.S. corporations. The variable salary is annual compensation, in thousands of dollars, and

The data set in CEOSAL2 contains information on chief executive officers for U.S. corporations. The variable salary is annual compensation, in thousands of dollars, and ceoten is prior number of years as company CEO.

(i) Find the average salary and the average tenure in the sample.

(ii) How many CEOs are in their first year as CEO (that is, ceoten5 0)? What is the longest tenure as a CEO?

(iii) Estimate the simple regression model log1salary25 b01 b1ceoten1 u, and report your results in the usual form. What is the (approximate) predicted percentage increase in salary given one more year as a CEO?

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