Question: Use the data in WAGE 1 .RAW for this exercise. (i) Find the average education level in the sample. What are the lowest and highest

Use the data in WAGE 1 .RAW for this exercise.
(i) Find the average education level in the sample. What are the lowest and highest years of education?
(ii) Find the average hourly wage in the sample. Does it seem high or low?
(iii) The wage data are reported in 1976 dollars. Using the Economic Report of the President (2004 or later), obtain and report the Consumer Price Index (CPI) for the years 1976 and 2003.
(iv) Use the CPI values from part (iii) to find the average hourly wage in 2003 dollars. Now does the average hourly wage seem reasonable?
(v) How many women are in the sample? How many men?

Step by Step Solution

★★★★★

3.36 Rating (165 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

i The average of educ is about 126 years There are two p... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

839-M-E-E-A (501).docx

120 KBs Word File

Students Have Also Explored These Related Econometric Questions!

Use the data in WAGE 1 .RAW for this exercise. (i) Estimate the equation wage = (0 + (1educ + (2exper + (3tenure + u. Save the residuals and plot a histogram. (ii) Repeat part (i), but with log{wage)...

Use the data in WAGE 1 .RAW for this exercise, (i) Use OLS to estimate the equation log(wage) = (0 + (1 educ + (2 exper + (3 exper2 + u and report the results using the usual format. (ii) is exper2...

Use the data in WAGE 1 .RAW for this exercise. (i) Use equation (7.18) to estimate the gender differential when educ = 12.5. Compare this with the estimated differential when educ = 0. (ii) Run the...

C1 Use the data in WAGE1.RAW for this exercis (i) Find the average education level in the sample. What are the lowest and highest years of education? (ii) Find the average hourly wage in the sample....

unit II q12. Summarized on the right is the sale (in thousands) of the top five products in 2002. Use this information to calculate what percent of the sales of these five products was due to product...

OPRE 3360: Managerial Methods in Decision Making Under Uncertainty Graded Group Assignment 2: Hypothesis Testing and Statistical Inference This group assignment is open book and notes. However, once...

Exercise 2: Use the data from Table 1 below to prepare a bar chart comparing the number of male and female deaths from accidents, cancer, heart disease and diabetes. [Note: Show two bars for each...

I Need question 3 answered only WEB master 1. Go to finance.yahoo.com and download five years of monthly closing prices for Eli Lilly (ticker = LLY), Alcoa (AA), and the S&P 500 Index ("GSPC)....

PSY 230 Module 3 Assignment (A-3) For this assignment you will use multiple data sets, each embedded within the assignment below. Q1) Find the z values that form the boundaries of the critical region...

Using Maxwell's equation, prove that the magnetic directional potential is given by the following relationship: A= uldl/4r n

Distinguish between gage repeatability and gage reproducibility in the context of measuring unloading times of supertankers.

3. Why should management insist that a firms accounting system have a strong audit trail?

Which of the following is the best description of a WBS? 1. A hierarchical decomposition of 100% of the scope of work 2. An org chart for the scope of work 3. What will and will not be included in...

Consider the unobserved effects panel data model for a random draw i, where at denotes different year intercepts: Assuming a balanced panel, write down, for a given i, the CRE equation that you would...

The data in CENSUS2000 is a random sample of individuals from the United States. Here we are interested in estimating a simple regression model relating the log of weekly income, lweekinc, to...

Using the cluster option in the econometrics package Stata 11, the fully robust standard errors for the pooled OLS estimates in Table 14.2that is, robust to serial correlation and heteroskedasticity...

Risk Premium with collateral: k - i = (1 + i)/gamma + p - p gamma - (1 + i) where, k = required yield on a risky loan, i = 0.05 (default risk free interest rate), p = 0.95 (the probability that the...

A real estate developer seeks to determine the most economical height for a new office building. The building will be sold after 5 years. The relevant net annual revenues and salvage values are as...

Please help 2. An application requires that at least 2 processors in a multiprocessor system be available with more than 95% probability. The cost of a processor with 60% availability is $10000 and...