Use the following estimated model to answer the below questions: WAGE = 22.5+ 8.5MALE + 1.1MARRIED...

  

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Use the following estimated model to answer the below questions: WAGE = 22.5+ 8.5MALE + 1.1MARRIED +0.8MALE MARRIED + 1.5EDUC +2.2EXPER-0.5EXPER² The R² of the regression is 0.461 and there are 12,562 observations. WAGE is an individual's wage (in tens of thousands of dollars) MALE is a dummy variable =1 if the respondent is male and =0 otherwise MARRIED is a dummy variable =1 if the respondent is married and =0 otherwise EDUC is the years of education an individual has EXPER is the years of relevant work experience that an individual has a) What is the expected wage of a married male who has 12 years of education and 2 years of relevant work experience? b) What is the effect of an additional year of relevant work experience on the predicted wage? Is it constant? c) What is the intercept for: I. single non-males II. married non-males III. married males IV. single males Use the following estimated model to answer the below questions: WAGE = 22.5+ 8.5MALE + 1.1MARRIED +0.8MALE MARRIED + 1.5EDUC +2.2EXPER-0.5EXPER² The R² of the regression is 0.461 and there are 12,562 observations. WAGE is an individual's wage (in tens of thousands of dollars) MALE is a dummy variable =1 if the respondent is male and =0 otherwise MARRIED is a dummy variable =1 if the respondent is married and =0 otherwise EDUC is the years of education an individual has EXPER is the years of relevant work experience that an individual has a) What is the expected wage of a married male who has 12 years of education and 2 years of relevant work experience? b) What is the effect of an additional year of relevant work experience on the predicted wage? Is it constant? c) What is the intercept for: I. single non-males II. married non-males III. married males IV. single males

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