Question: Using wage data on 250 randomly selected male workers and 280 female workers, a researcher estimates the OLS regression, where wage is measured in $/hour

Using wage data on 250 randomly selected male workers and 280 female workers, a researcher estimates the OLS regression, where wage is measured in $/hour and Male is a binary variable that is equal to 1 if the person is a male and 0 if the person is a female.(10)

= 12.52 2.12 2 = 0.06

a) What do you understand by binary variable?

b) What is the slope coefficient in this equation?

c) What is the estimated gender gap?

d) What is the mean wage of men and women?

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