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
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β0 + β1Education +
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ε, where Wage is the hourly wage rate and Education,
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p-Value
Intercept
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1.63
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0.34
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Using data from 50 workers, a researcher estimates Wage = β0 + β1Education + β2Experience +...
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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
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Coefficients
Standard
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t Stat
p-Value
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6.69
4.23
1.58
0.1206
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1.13
0.34
3.32
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0.37
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3.70
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β0 + β1Education +
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Experience, and Age are the years of higher education, the years of
experience, and the age of the worker, respectively. The regression
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Coefficients
Standard
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p-Value
Intercept
6.89
3.61
1.91
0.0626
Education
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0.34
3.79
0.0004
Experience
0.44
0.16
2.75
0.0085
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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
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0.51
0.15
3.40...
Using data from 50 workers, a researcher estimates Wage = β0 + β1Education + β2Experience +...
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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
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t
Stat
p-Value
Intercept
8.36
4.05
2.06
0.0447
Education
1.96
0.35
5.60
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0.43
0.17
2.53
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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
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β0 + β1Education +
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ε, where Wage is the hourly wage rate and Education,
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experience, and the age of the worker, respectively. The regression
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Intercept
7.56
4.35
1.74
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1.53
0.38
4.03
0.0002
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