(a) Consider the following regression of log. income on bc and education: > model2 summary (model2)...
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(a) Consider the following regression of log. income on bc and education: > model2 <- 1m (log.income bc + education) > summary (model2) Call: 1m (formula = log.income bc + education) Coefficients: (Intercept) bc education Estimate Std. Error t value Pr(>It|) 3.202348 0.412498 7.763 1.2e-09 *** -0.530492 0.308001 -1.722 0.0924. 0.010466 0.005221 2.004 0.0515. Signif. codes: 0*** 0.001 ** 0.01 0.05 0.1 1 From the regression results of mode12 above, find the percentage change in income for blue collar worker type or not. Note: bc is a dummy variable. (b) From the regression results of mode12 above, find the percentage change in income for one addi- tional year of education. Note: education is a continues variable. (a) Consider the following regression of log. income on bc and education: > model2 <- 1m (log.income bc + education) > summary (model2) Call: 1m (formula = log.income bc + education) Coefficients: (Intercept) bc education Estimate Std. Error t value Pr(>It|) 3.202348 0.412498 7.763 1.2e-09 *** -0.530492 0.308001 -1.722 0.0924. 0.010466 0.005221 2.004 0.0515. Signif. codes: 0*** 0.001 ** 0.01 0.05 0.1 1 From the regression results of mode12 above, find the percentage change in income for blue collar worker type or not. Note: bc is a dummy variable. (b) From the regression results of mode12 above, find the percentage change in income for one addi- tional year of education. Note: education is a continues variable.
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Answer A The percentage change in income for a blue collar worker type or not is 530492 This means that for every one unit increase in the dummy varia... View the full answer
Related Book For
Basic Business Statistics Concepts And Applications
ISBN: 9780132168380
12th Edition
Authors: Mark L. Berenson, David M. Levine, Timothy C. Krehbiel
Posted Date:
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