Question

50 observations were used to estimate Wage = βo+ β1(Education) + β2 (Experience) +β3(Age) + ε...

  1. 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.

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