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As the advisor in the Ministry of Finance in charge of taxation policy, your current project is to explain people's eamings in Multinational Corporations in Sri Lanka (in tens of thousands of USD per month). Based on 100 random observations, you obtained the following results, using these variables: GRADE: years of education, EXP: years of experience, EXP2: years of experience squared, UNION: dummy variable for membership in a union. Variable Constant GRADE Standard Error 0.283485 0.020093 0.014137 0.000288 0.124454 Coefficient 0.595106 0.082543 Prob. 0.0384 0.0001 EXP 0.050274 0.0006 EXP2 UNION -0.000562 0.165929 0.0540 0.1856 Adjusted R-Squared: 37.17% a) Write the regression equation b) Interpret the coefficients and their level of significance. e) Explain the value of adjusted R-squared

As the advisor in the Ministry of Finance in charge of taxation policy, your current project is to explain people's eamings in Multinational Corporations in Sri Lanka (in tens of thousands of USD per month). Based on 100 random observations, you obtained the following results, using these variables: GRADE: years of education, EXP: years of experience, EXP2: years of experience squared, UNION: dummy variable for membership in a union. Variable Constant GRADE Standard Error 0.283485 0.020093 0.014137 0.000288 0.124454 Coefficient 0.595106 0.082543 Prob. 0.0384 0.0001 EXP 0.050274 0.0006 EXP2 UNION -0.000562 0.165929 0.0540 0.1856 Adjusted R-Squared: 37.17% a) Write the regression equation b) Interpret the coefficients and their level of significance. e) Explain the value of adjusted R-squared

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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As the advisor in the Ministry of Finance in charge of taxation policy, your current project is to explain people's eamings in Multinational Corporations in Sri Lanka (in tens of thousands of USD per month). Based on 100 random observations, you obtained the following results, using these variables: GRADE: years of education, EXP: years of experience, EXP2: years of experience squared, UNION: dummy variable for membership in a union. Variable Coefficient Standard Error 0.283485 Prob. 0.0384 0.0001 Constant 0.595106 0.082543 0.050274 GRADE 0.020093 0.014137 EXP 0.0006 EXP2 -0.000562 0.000288 0.0540 UNION 0.165929 0.124454 0.1856 Adjusted R-Squared: 37.17% I a) Write the regression equation b) Interpret the coeffcients and their level of significance. c) Explain the value of adjusted R-squared d) Discuss the problems if any classical assumptions are violated and explain why these problems occur
Transcribed Image Text:As the advisor in the Ministry of Finance in charge of taxation policy, your current project is to explain people's eamings in Multinational Corporations in Sri Lanka (in tens of thousands of USD per month). Based on 100 random observations, you obtained the following results, using these variables: GRADE: years of education, EXP: years of experience, EXP2: years of experience squared, UNION: dummy variable for membership in a union. Variable Coefficient Standard Error 0.283485 Prob. 0.0384 0.0001 Constant 0.595106 0.082543 0.050274 GRADE 0.020093 0.014137 EXP 0.0006 EXP2 -0.000562 0.000288 0.0540 UNION 0.165929 0.124454 0.1856 Adjusted R-Squared: 37.17% I a) Write the regression equation b) Interpret the coeffcients and their level of significance. c) Explain the value of adjusted R-squared d) Discuss the problems if any classical assumptions are violated and explain why these problems occur
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