Load the wooldridge package in your R script using the library function: library (wooldridge) Load the wage 2 dataset by writing (in your R script): data = wage 2 This dataset contains information on individuals' monthly wage (the wage variable), number of hours worked per week (the hours variable), IQ (the IQ variable), and other variables. Add a new variable to data (named hourly_wage) which is equal to monthly wage wage divided by 4 times the number of hours worked per week: hourly age = Assign the 4x hours dataframe data (after adding the new variable) to answer1. 2. What is the mean hourly wage? 3. What is the minimum number of years of education in the dataset? 4. What is the number of observations? 5. Estimate the following model: (i(i using the Im function. Assign your model to answer5. 6. What is the coefficient on educ in the model in the previous question? (Hint: Your answer should be a positive number.) W

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Load the wooldridge package in your R script using the library function: library (wooldridge) Load the wage
2 dataset by writing (in your R script): data = wage 2 This dataset contains information on individuals'
monthly wage (the wage variable), number of hours worked per week (the hours variable), IQ (the IQ
variable), and other variables. Add a new variable to data (named hourly_wage) which is equal to monthly
wage
wage divided by 4 times the number of hours worked per week: hourly age =
Assign the
4x hours
dataframe data (after adding the new variable) to answer1. 2. What is the mean hourly wage? 3. What is
the minimum number of years of education in the dataset? 4. What is the number of observations? 5.
Estimate the following model: (i(i using the Im function. Assign your model to answer5. 6. What is the
coefficient on educ in the model in the previous question? (Hint: Your answer should be a positive number.)
W
Transcribed Image Text:Load the wooldridge package in your R script using the library function: library (wooldridge) Load the wage 2 dataset by writing (in your R script): data = wage 2 This dataset contains information on individuals' monthly wage (the wage variable), number of hours worked per week (the hours variable), IQ (the IQ variable), and other variables. Add a new variable to data (named hourly_wage) which is equal to monthly wage wage divided by 4 times the number of hours worked per week: hourly age = Assign the 4x hours dataframe data (after adding the new variable) to answer1. 2. What is the mean hourly wage? 3. What is the minimum number of years of education in the dataset? 4. What is the number of observations? 5. Estimate the following model: (i(i using the Im function. Assign your model to answer5. 6. What is the coefficient on educ in the model in the previous question? (Hint: Your answer should be a positive number.) W
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