Question: Using data from 50 workers, a researcher estimates Wage = ? 0 + ? 1 Education + ? 2 Experience + ? 3 Age +
Using data from 50 workers, a researcher estimates Wage = ?0 + ?1Education + ?2Experience + ?3Age + ?, 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. The regression results are shown in the following table.
| Coefficients | Standard Error | t Stat | p-Value | |
| Intercept | 7.58 | 4.42 | 1.71 | 0.0931 |
| Education | 1.68 | 0.37 | 4.54 | 0.0000 |
| Experience | 0.35 | 0.18 | 1.94 | 0.0580 |
| Age | ?0.06 | 0.05 | ?1.20 | 0.2363 |
|
b. What is the sample regression equation? (Negative values should be indicated by a minus sign. Round your answers to 2 decimal places.) y = _____ + ________ Education + __________ Experiance + __________ Age
c. Predict the hourly wage rate for a 29-year-old worker with 3 years of higher education and 2 years of experience. (Do not round intermediate calculations. Round your answer to 2 decimal places.) y ___________
| ||||
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
