How should the slope estimate of the following regression be interpreted (where wage is hourly wage and educexp is household average annual expenditure on education)? ln(wage)=11.4+8.13ln(educexp) A. When education expenditure increases by 1%, on average, hourly wages increase by 8.13 units. B. When education expenditure increases by 1 unit, on average, hourly wages increase by 8.13 units. C. When education expenditure increases by 1 unit, on average, hourly wages increase by 8.13%. D. When education expenditure increases by 1%, on average, hourly wages increase by 8.13% E. When education expenditure increases by 1, on average, hourly wages increase by 8.13.
How should the slope estimate of the following regression be interpreted (where wage is hourly wage and educexp is household average annual expenditure on education)? ln(wage)=11.4+8.13ln(educexp) A. When education expenditure increases by 1%, on average, hourly wages increase by 8.13 units. B. When education expenditure increases by 1 unit, on average, hourly wages increase by 8.13 units. C. When education expenditure increases by 1 unit, on average, hourly wages increase by 8.13%. D. When education expenditure increases by 1%, on average, hourly wages increase by 8.13% E. When education expenditure increases by 1, on average, hourly wages increase by 8.13.
Chapter6: Exponential And Logarithmic Functions
Section6.8: Fitting Exponential Models To Data
Problem 3TI: Table 6 shows the population, in thousands, of harbor seals in the Wadden Sea over the years 1997 to...
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How should the slope estimate of the following regression be interpreted (where wage is hourly wage and educexp is household average annual expenditure on education)?
ln(wage)=11.4+8.13ln(educexp)
A. When education expenditure increases by 1%, on average, hourly wages increase by 8.13 units.
B. When education expenditure increases by 1 unit, on average, hourly wages increase by 8.13 units.
C. When education expenditure increases by 1 unit, on average, hourly wages increase by 8.13%.
D. When education expenditure increases by 1%, on average, hourly wages increase by 8.13%
E. When education expenditure increases by 1, on average, hourly wages increase by 8.13.
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