Using the education-income data provided from the Bureau of Labor Statistics, create a model of income as
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Question:
Using the education-income data provided from the Bureau of Labor Statistics, create a model of income as a function of education for the entire population (Figure 1.1) and then for men and women separate (Figure 1.5). Interpret the finding in a two-page report (APA) with three figures and three tables, fully explained. (I just need help figuring out the data and interpreting it to be able to write a report on this). How do I create a model?
Taxes Paid | After-Tax Income | Income | |
---|---|---|---|
Professional Degree (2%) | $23,400 | $78,800 | $102,200 |
Doctoral Degree (2%) | $20,300 | $70,700 | $91,000 |
Master's Degree (10%) | $14,800 | $55,200 | $70,000 |
Bachelor's Degree (25%) | $11,400 | $45,100 | $56,500 |
Associate Degree (11%) | $8,600 | $36,200 | $44,800 |
Some College, No Degree (17%) | $7,500 | $32,900 | $40,400 |
High School Diploma (27%) | $6,400 | $29,000 | $35,400 |
Less than a High School Diploma (7%) | $4,100 | $21,000 | $25,100 |
Figure 1.5: Median, 25th Percentile, and 75th Percentile Earnings of Full-Time Year-Round Workers Ages 25 and Older, by Gender and Education Level, 2011
Data for Chart | Data Labels | |||||||
---|---|---|---|---|---|---|---|---|
25th | 50th-25th | 75th-50th | 25th Percentile | Median | 75th Percentile | |||
Female | Less than a HS Diploma | $15,800 | $4,900 | $6,400 | $15,800 | $20,700 | $27,100 | |
High School Diploma | $21,100 | $8,900 | $10,500 | $21,100 | $30,000 | $40,500 | ||
Some College, No Degree | $25,200 | $9,400 | $12,400 | $25,200 | $34,600 | $47,000 | ||
Associate Degree | $26,900 | $12,400 | $14,100 | $26,900 | $39,300 | $53,400 | ||
Bachelor's Degree | $35,100 | $14,000 | $19,900 | $35,100 | $49,100 | $69,000 | ||
Master's Degree | $44,600 | $15,700 | $21,100 | $44,600 | $60,300 | $81,400 | ||
Doctoral Degree | $53,100 | $24,400 | $31,500 | $53,100 | $77,500 | $109,000 | ||
Professional Degree | $54,100 | $26,600 | $60,300 | $54,100 | $80,700 | $141,100 | ||
Male | Less than a HS Diploma | $19,900 | $7,400 | $12,900 | $19,900 | $27,300 | $40,200 | |
HS Diploma | $27,300 | $13,100 | $16,100 | $27,300 | $40,400 | $56,500 | ||
Some College, No Degree | $31,700 | $15,400 | $20,100 | $31,700 | $47,100 | $67,200 | ||
Associate Degree | $36,000 | $14,900 | $21,000 | $36,000 | $50,900 | $71,900 | ||
Bachelor's Degree | $43,900 | $22,300 | $33,800 | $43,900 | $66,200 | $100,000 | ||
Master's Degree | $56,600 | $26,400 | $42,000 | $56,600 | $83,000 | $125,000 | ||
Doctoral Degree | $65,200 | $35,600 | $49,200 | $65,200 | $100,800 | $150,000 | ||
Professional Degree | $71,800 | $47,700 | $50,500 | $71,800 | $119,500 | $170,000 |
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