Wage = β_{o}+ β_{1}(Education) + β_{2} (Experience) +β_{3}(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 
tStat 
pvalue 

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 β_{1}andβ_{2}? 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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