3.An economics department at a large state university keeps track of its majors' startingsalaries. Does taking econometrics affect starting salary? Let SALdollars, GPA = grade point average on a 4.0 scale, METRICS = 1 if studenttook econometrics, and METRICS = 0 otherwise. Using the data file metrics.dat,which contains information on 50 recent graduates, we obtain the estimatedregressionsalary in%3D%3D%3D%3DSAL = 24200 + 1643GPA + 5033METRICS R = 0.74%3D(se)(1078) (352)(456)(a) Interpret the estimated equation.(b) How would you modify the equation to see whether women had lower startingsalaries than men? (Hint: Define an indicator variable FEMALE = 1, if female:%3Dzero otherwise.)(c) How would you modify the equation to see if the value of econometrics was thesame for men and women?

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3. An economics department at a large state university keeps track of its majors' starting salaries. Does taking econometrics affect starting salary? Let SAL = salary in dollars, GPA = grade point average on a 4.0 scale, METRICS = 1 if student took econometrics, and METRICS = 0 otherwise. Using the data file metrics.dat. which contains information on 50 recent graduates, we obtain the estimated regression %3D %3D %3D %3D SAL = 24200 + 1643GPA + 5033METRICS R =0.74 (se) (1078) (352) (456) (a) Interpret the estimated equation. (b) How would you modify the equation to see whether women had lower starting salaries than men? (Hint: Define an indicator variable FEMALE 1, if female: zero otherwise.) (c) How would you modify the equation to see if the value of econometrics was the same for men and women?

3. An economics department at a large state university keeps track of its majors' starting salaries. Does taking econometrics affect starting salary? Let SAL = salary in dollars, GPA = grade point average on a 4.0 scale, METRICS = 1 if student took econometrics, and METRICS = 0 otherwise. Using the data file metrics.dat. which contains information on 50 recent graduates, we obtain the estimated regression %3D %3D %3D %3D SAL = 24200 + 1643GPA + 5033METRICS R =0.74 (se) (1078) (352) (456) (a) Interpret the estimated equation. (b) How would you modify the equation to see whether women had lower starting salaries than men? (Hint: Define an indicator variable FEMALE 1, if female: zero otherwise.) (c) How would you modify the equation to see if the value of econometrics was the same for men and women?

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter5: Business And Economic Forecasting

Section: Chapter Questions

Problem 1.4CE

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