Question
50 observations were used to estimate Wage = βo+ β1(Education) + β2 (Experience) +β3(Age) + ε...
- 50 observations were used to estimate
Wage = βo+ β1(Education) + β2 (Experience) +β3(Age) + ε
Wage is the hourly wage rate and Education/Experience/Age are the years of higher education, years of experience and age of the worker respectively.
These are the Excel results:
|
Coefficients |
Standard Error |
t-Stat |
p-value |
|
|
Intercept |
2.44 |
1.2 |
1.93 |
0.2103 |
|
Education |
5.66 |
0.45 |
4.24 |
0.301 |
|
Experience |
9.12 |
0.34 |
3.16 |
0.0028 |
|
Age |
-0.01 |
0.08 |
-0.14 |
0.8920 |
1. What is the estimate for β1andβ2? Interpret these values.
2. What is the sample regression equation?
3. Predict the hourly wage for a 30 year old worker with 4 years of higher education and 3 years of experience.
Homework Answers
Answer #1
Not the answer you're looking for?
Similar Questions
Using data from 50 workers, a researcher estimates Wage = β0 + β1 Education + β2Experience...
Using data from 50 workers, a researcher estimates Wage =
β0 + β1 Education +
β2Experience +β3Age +
ε, 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. A portion of
the regression results is shown in the following table.
Coefficients
Standard Error
t Stat
p-Value
Intercept
7.42
4.14
1.79
0.0797
Education
1.53
0.39
...
Using data from 50 workers, a researcher estimates Wage = β0 + β1Education + β2Experience +...
Using data from 50 workers, a researcher estimates Wage =
β0 + β1Education +
β2Experience + β3Age +
ε, 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.
Coefficients
Standard
Error
t Stat
p-Value
Intercept
6.03
3.70
1.63
0.1100
Education
1.25
0.34
3.68
0.0006
Experience
0.51
0.15
3.40
0.0014
Age
−0.03...
Using data from 50 workers, a researcher estimates Wage = β0 + β1Education + β2Experience +...
Using data from 50 workers, a researcher estimates Wage =
β0 + β1Education +
β2Experience + β3Age +
ε, 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.
Coefficients
Standard
Error
t Stat
p-Value
Intercept
6.69
4.23
1.58
0.1206
Education
1.13
0.34
3.32
0.0018
Experience
0.37
0.10
3.70
0.0006
Age
−0.09...
15. Using data from 50 workers, a researcher estimates Wage = β0 + β1Education + β2Experience...
15. Using data from 50 workers, a researcher estimates Wage =
β0 + β1Education +
β2Experience + β3Age +
ε, 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.
Coefficients
Standard
Error
t Stat
p-Value
Intercept
6.89
3.61
1.91
0.0626
Education
1.29
0.34
3.79
0.0004
Experience
0.44
0.16
2.75
0.0085
Age...
Exercise 14-23 Algo Using data from 50 workers, a researcher estimates Wage = β0 + β1Education...
Exercise 14-23 Algo
Using data from 50 workers, a researcher estimates Wage =
β0 + β1Education +
β2Experience + β3Age +
ε, 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.
Coefficients
Standard
Error
t Stat
p-Value
Intercept
6.03
3.70
1.63
0.1100
Education
1.25
0.34
3.68
0.0006
Experience
0.51
0.15
3.40...
Using data from 50 workers, a researcher estimates Wage = β0 + β1Education + β2Experience +...
Using data from 50 workers, a researcher estimates Wage =
β0 + β1Education +
β2Experience + β3Age +
ε, 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.
Coefficients
Standard
Error
t
Stat
p-Value
Intercept
8.36
4.05
2.06
0.0447
Education
1.96
0.35
5.60
0.0000
Experience
0.43
0.17
2.53
0.0149
Age
−0.02...
Using data from 50 workers, a researcher estimates Wage = β0 + β1Education + β2Experience +...
Using data from 50 workers, a researcher estimates Wage =
β0 + β1Education +
β2Experience + β3Age +
ε, 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.
Coefficients
Standard
Error
t Stat
p-Value
Intercept
6.69
4.23
1.58
0.1206
Education
1.13
0.34
3.32
0.0018
Experience
0.37
0.10
3.70
0.0006
Age
−0.09...
Using data from 50 workers, a researcher estimates Wage = β0 + β1Education + β2Experience +...
Using data from 50 workers, a researcher estimates Wage =
β0 + β1Education +
β2Experience + β3Age +
ε, 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.
Coefficients
Standard
Error
t Stat
p-Value
Intercept
7.56
4.35
1.74
0.0889
Education
1.53
0.38
4.03
0.0002
Experience
0.42
0.12
3.50
0.0010
Age
−0.04...
Using data from 50 workers, a researcher estimates Wage = β0 + β1Education + β2Experience +...
Using data from 50 workers, a researcher estimates Wage =
β0 + β1Education +
β2Experience + β3Age +
ε, 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.
Coefficients
Standard
Error
t Stat
p-Value
Intercept
8.23
4.40
1.87
0.0678
Education
1.23
0.38
3.24
0.0022
Experience
0.53
0.18
2.94
0.0051
Age
−0.08...
Using data from 50 workers, a researcher estimates Wage = β0 + β1Education + β2Experience +...
Using data from 50 workers, a researcher estimates Wage =
β0 + β1Education +
β2Experience + β3Age +
ε, 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.
Coefficients
Standard
Error
t Stat
p-Value
Intercept
7.17
4.26
1.68
0.0991
Education
1.81
0.35
5.17
0.0000
Experience
0.45
0.10
4.50
0.0000
Age
−0.01...
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 16 minutes ago
asked 25 minutes ago
asked 31 minutes ago
asked 33 minutes ago
asked 46 minutes ago
asked 48 minutes ago
asked 50 minutes ago
asked 52 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago