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An analyst estimated the following model and found the results below. W₁ = a + b Ei + clog Yi + Ei where indicates an individual person, W is the annual wage at age 40 measured in $1,000, E is the years of education received, Y is parents' income, and > is an error term. a, intercept b, edu c, parents' income Coefficient 0.203 5 10.06 Standard errors 0.001 2.1243 0.8663 For simplicity, assume that the model is a causal model. If the answer is in percentage, include % in the answer. If the answer is level, do not include %. If a person gets one more year of education, the annual wage at age 40 increases by $ type your answer... the annual wage at age 40 increases by $ type your answer... on average. on average. If parents' income increases by 1%,

An analyst estimated the following model and found the results below. W₁ = a + b Ei + clog Yi + Ei where indicates an individual person, W is the annual wage at age 40 measured in $1,000, E is the years of education received, Y is parents' income, and > is an error term. a, intercept b, edu c, parents' income Coefficient 0.203 5 10.06 Standard errors 0.001 2.1243 0.8663 For simplicity, assume that the model is a causal model. If the answer is in percentage, include % in the answer. If the answer is level, do not include %. If a person gets one more year of education, the annual wage at age 40 increases by $ type your answer... the annual wage at age 40 increases by $ type your answer... on average. on average. If parents' income increases by 1%,

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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An analyst estimated the following model and found the results below. W₁ = a + b Ei + clog Yi + Ei where indicates an individual person, W is the annual wage at age 40 measured in $1,000, E is the years of education received, Y is parents' income, and > is an error term. a, intercept b, edu c, parents' income Coefficient 0.203 5 10.06 Standard errors 0.001 2.1243 0.8663 For simplicity, assume that the model is a causal model. If the answer is in percentage, include % in the answer. If the answer is level, do not include %. If a person gets one more year of education, the annual wage at age 40 increases by $ type your answer... the annual wage at age 40 increases by $ type your answer... on average. on average. If parents' income increases by 1%,
Transcribed Image Text:An analyst estimated the following model and found the results below. W₁ = a + b Ei + clog Yi + Ei where indicates an individual person, W is the annual wage at age 40 measured in $1,000, E is the years of education received, Y is parents' income, and > is an error term. a, intercept b, edu c, parents' income Coefficient 0.203 5 10.06 Standard errors 0.001 2.1243 0.8663 For simplicity, assume that the model is a causal model. If the answer is in percentage, include % in the answer. If the answer is level, do not include %. If a person gets one more year of education, the annual wage at age 40 increases by $ type your answer... the annual wage at age 40 increases by $ type your answer... on average. on average. If parents' income increases by 1%,
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