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, the years of experience, and the age of the worker, respectively The regression results are shown in the following table CoefficientsStandard ErrortStatp Value Intercept6 713 921 710 0937Education1 070 323 340 0017Experience0 360 103 600 0008Age0 080 061 330 1890 a 1 Interpret the point estimate for 1 As Education increases by 1 year, Wage is predicted to increase by 1 07 hour As Education increases by 1 year, Wage is predicted to increase by 0 36 hour As Education increases by 1 year, Wage is predicted to increase by 1 07 hour, holding Age and Experience constant As Education increases by 1 year, Wage is predicted to increase by 0 36 hour, holding Age and Experience constant a 2 Interpret the point estimate for 2 As Experience increases by 1 year, Wage is predicted to increase by 1 07 hour b What is the sample regression equation (Negative values should be indicated by a minus sign Round your answers to 2 decimal places )

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Question: Using data from 50 workers, a researcher estimates Wage = 0 + 1 Education + 2 Experience + 3 Age + , where Wage is

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.

CoefficientsStandard

ErrortStatp-ValueIntercept6.713.921.710.0937Education1.070.323.340.0017Experience0.360.103.600.0008Age0.080.061.330.1890

a-1.Interpret the point estimate for₁.

As Education increases by 1 year, Wage is predicted to increase by 1.07/hour.
As Education increases by 1 year, Wage is predicted to increase by 0.36/hour.
As Education increases by 1 year, Wage is predicted to increase by 1.07/hour, holding Age and Experience constant.
As Education increases by 1 year, Wage is predicted to increase by 0.36/hour, holding Age and Experience constant.

a-2.Interpret the point estimate for₂.

As Experience increases by 1 year, Wage is predicted to increase by 1.07/hour.

b.What is the sample regression equation?(Negative values should be indicated by a minus sign. Round your answers to 2 decimal places.)

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