Question: Interpret the coefficient estimate on education for each regression, calculate the predicted wage for a person with 1 year of education. Comment on the result.

Interpret the coefficient estimate on education for each regression, calculate the

Interpret the coefficient estimate on education for each regression, calculate the predicted wage for a person with 1 year of education. Comment on the result. Do the same for a person with 10 years of education. Comment.

. regress wage educ Source SS of MS Number of obs = 526 F (1, 574) 183.36 Model 1179.73264 1 1179.73284 Prob > F iI Residual 5980 . 68225 524 11. 4135158 R-squared 2. 1648 Adj R-squared II B . 1632 Total 7160 . 41429 525 13.6388044 Root NSE 3. 3784 wage Coet. 5td. Err. t [95% Cont. Interval] educ . 5413593 . 053248 10.17 . 4367534 . 6459651 _Cons -. 9848516 . 6849678 -1.32 8. 187 -2.250472 - 4487687 . regress lwage educ Source 55 dr M5 Number of obs II 526 F (1, 524) II 119 . 58 Model 27.5606288 1 27.5606208 Prob s F II 0.0008 Residual 120 .769123 524 . 230475425 R-squared II D . 1858 Adj R-squared 9 . 1843 Total 140 .329751 525 . 20253206 Root MSE = . 40808 lwage Cont. Sto. Err. t (95% Cont. Interval] COUC .0827444 .0675667 10.94 B. ODE 8678796 . 8970891 cons .5837727 . 0973358 6.08 0.090 . 3925563 . 7749891

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

wage rate and Fqutwbon. Experience, and Age are the years of higher education, the years of expenience, and the age of the worker, respectively. A poition of the regression results is shown in the...

NAME: You 1 a 2 a 3 4 5 6 7 c 8 d 9 a 10 11 12 13 c 14 d 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 When done, using your last name and firstname, save THIS FILE as, E270Lastname Firstname HW7...

Given are five observations for two variables, x and y. y x 16 5 12 6 7 7 18 8 35 9 1 The value in the numerator of the formula to compute the slope coefficient b is: a 44 b 42 c 40 d 38 2 The value...

Jsing data from 50 workers, a researcher estimates Wage = B + B1 Education + B2Experience - BzAge + , where Wage is the hourly wage rate and Education, Experience, and Age are the years of higher...

Jsing data from 50 workers, a researcher estimates wage =0+1 Edocation +2 Experience +3 Age + where Wage is the hourly vage rate and Education, Experience, and Age are the years of higher education,...

Assignments: 2022FS-BUS_AD-1 x 5 Question 1 - Chapter 6 Homewor X C Using data from 50 workers, a re x + X > C A...

Using data from 50 workers, a researcher estimates Wage - B9 + 81 Education + 82Experience + B3Age + E, where Wage is the hourly wage rate and Education, Experience, and Age are the years of higher...

Using data from 50 workers, a researcher estimates wage =0+1 Education +2 Experience +3 Age +, where Wage is the hourly wage rate and Education, Experience, and Age are the years of higher education,...

Using data from 50 workers, a researcher estimates wage - Ho + Education - AzExperience + 3 + where Wage is the hourly wage rate and Education, Experience, and Age are the years of higher education,...

Using data from 50 workers, a researcher estimates Wage = Bo + B2 Education + B2Experience + b3Age + , where Wage is the hourly wage rate and Education, Experience, and Age are the years of higher...

Macbeth (1983 TV Movie) Watch one of the three plays from the Required Shakespeare Film page. Shakespeare is still taught today because he is still relevant today. Shakespeare wrote about thehuman...

The following items pertain to the Current Assets section of the balance sheet for Jackson Corp. at the end of its accounting year, December 31, 2016. Each item must be considered and any necessary...

Using the data from Exercise 12.28, test the following at the 0.05 level. (a) H0: 1 = 0 versus H1: 1 = 0; (b) H0: 2 = 0 versus H1: 2 = 0. (c) Do you have any reason to believe that the model in...

The Westchester Chamber of Commerce periodically sponsors public service seminars and programs. Currently, promotional plans are under way for this year's program. Advertising alternatives include...

6. What is meant by the following statement, the methods used to uncover (construct) reality guide our thinking and actions in relation to this reality?

1. Discuss the following statements: (a) A person who describes something, ignores something else. (b) Our description of something will always be different from the thing we describe. (c) Our social...

1. The concepts that are used to describe social situations are mental constructions.