Please no written by hand solution 3 Polynomial Termscarnings-78033.59 +3220.77age-33.831age2 +3927.84cduc n=17,870 I² = .1829(69.18)(3153)(148.05)(1.718)a) Does the intercept in this model have a meaningful interpretation? If so, what is it? If not, why not?b) How much would you predict carnings change for someone with 16 years of education and age increasesfrom 25 to 26?c) How much would you predict earnings change for the same person but when age increases from 45-467d) Do you think the regressor age² should be removed from the model? Why or why not?e) Do you think that the cubic term should be included? Why or why not?carnings=-43655.31+653.96age +27.5636age-0.47072age +3921.95cduc n=17,870 R² = .1832(12408)(69.19)(0,1643)

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3 Polynomial Terms carnings-78033.59 +3220.77age-33.831age² +3927.84cduc n-17,870 I = .1829 (69.18) (148.05) (3153) (1.718) a) Does the intercept in this model have a meaningful interpretation? If so, what is it? If not, why not? b) How much would you predict earnings change for someone with 16 years of education and age increases from 25 to 26?

3 Polynomial Terms carnings-78033.59 +3220.77age-33.831age² +3927.84cduc n-17,870 I = .1829 (69.18) (148.05) (3153) (1.718) a) Does the intercept in this model have a meaningful interpretation? If so, what is it? If not, why not? b) How much would you predict earnings change for someone with 16 years of education and age increases from 25 to 26?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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