Using data from 50 a researcher estimates Wage Bo B1 Education AnExperience A, A

Question

Using data from 50 a researcher estimates Wage Bo B1 Education AnExperience A, Age 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 is shown following table. Coefficients Standard Emor Stat t p-Value 7.87 4.09 1.93 0.0603 1.44 0.34 4.24 0.0001 Experience 0.45 0.14 3.16 0.0028 -0,01 -0.14 0.8920 a-1. Interpret the point estimate for 81. As Education increases by 1 unit, Wage is predicted to increase by 1.44 units. AsEducation increases by 1 unit, wage is predicted to increase by o45 units, holding Age and o AsEducation increases by 1 unit, wage is predicted to increase by 1.44 units, holding Age and As Education increases by 1 unit, wage is predicted to increase by 0.45 units a 2. Interpret the point estimate for A2 As Experience increases by 1 unit, Wage is predicted to increase by 0.45 units. As Experience increases by 1 unit Wage is predicted to increase by 144 units. As Experience increases by 1 unit, Wage is predicted to increase by 144 units, holdingAgeand o AsExperience increases by 1 unit. Wage is predicted to inorease by o 45 units holding Age and What is the sample regression equation? (Round your answers to 2 decimal places) 1.44 Education 0.45 Experience

Explanation / Answer

2c Here regression equation takes the form y=7.87+1.44*Education+0.45*Experience-0.01*Age

Now Age is given as 30 with education of 4 years and experience of 3 years

putting this values we get y=7.87+1.44*4+0.45*3-0.01*30=14.68

Related Questions

Navigate

• Browse (All)
• Browse U
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.