Part 3: Interpretation of OLS regressionConsider the following OLS regression output which is estimated with Wage2.dta (seetutorial folder on Blackboard)SourcedfMSNumber of obs935F (4, 930)36.82Model22.646736645.66168416Prob > F0.0000Residual143.009547930.153773706R-squaredAdj R-squared0.13670.1330.39214Total165.656283934.177362188Root MSE%3DlwageCoef.Std. Err.P>|t|[95% Conf. Interval]educ.0400982.00683515.870.000.0266843.0535122IQ.005914.00099675.930.000.0039579.00787010.280.7830.517hours.0035899.013037-.0219954.0291752hours2-.0000842.0001298-0.65-.0003389.0001706cons5.649044.324036317.430.0005.0131176.284971where Iwage is the natural logarithm of monthly wage in US$, educ is years of education, IQis points on an IQ intelligence test, hours is average weekly hours worked, and hours2 isexperience squared (hours * hours). Assume that MLR 1-6 hold.28. Write down the econometric model that this OLS regression estimates.9. Interpret the educ coefficient.

The econometrics model is fitted for dependent and independent variables.The given model is…

Answered: Part 3: Interpretation of OLS…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Similar questions

Calculate the estimated R2 and state why we should consider using adjusted R2 instead of R2 in the setting of multiple linear regression?
Analysis of Variance Source DF SS MS Regression 1 Residual Error 13 0.2364 Total 14 11.3240 What is the value for MSR (Mean Square for Regression)?
Why this type of plot is used in analysing regression models
Waterbury Insurance Company wants to study the relationship between the amount of fire damage and the distance between the burning house and the neorest fire station. This information will be used in setting rates for insurance coverage. For o somple of 30 claims for the last year, the director of the actuarial department determined the distance from the fire station (x) and the amount of fire domage, in thousands of dollars (y). ANOVA table Source Regression Residual SS df MS F 1,870.5782 1,870.5782 41.39 1,265.4934 3,136.0716 28 45.1962 Total 29 Regression output Standard Variables Coefficients Error t(df-28) Intercept Distance-X 13.76815 3.106 2.914 3.77es e. 5861 6.43 Click here for the Excel Data File a-1. Determine the regression equation. (Round your answers to 3 decimal places.) y3D X. a-2 Is there a direct or indirect relotionship between the distance from the fire station and the amount of fire damage? The relationship between distance and damage is b. How much domage would…
From the results shown above, write the regression equation.
Please do only the last three
An automobile rental company wants to predict the yearly maintenance expense (Y) for an automobile using the number of miles driven during the year () and the age of the car (, in years) at the beginning of the year. The company has gathered the data on 10 automobiles and run a regression analysis with the results shown below:. Summary measures Multiple R 0.9689 R-Square 0.9387 Adj R-Square 0.9212 StErr of Estimate 72.218 Regression coefficients Coefficient Std Err t-value p-value Constant 33.796 48.181 0.7014 0.5057 Miles Driven 0.0549 0.0191 2.8666 0.0241 Age of car 21.467 20.573 1.0434 0.3314 Use the information above to estimate the annual maintenance expense for a 10 years old car with 60,000 miles.
Which of the following is FALSE? * The residuals in a regression model are assumed to have a zero mean. Data point below the regression line, the residual is negative. The residuals in a regression model are assumed to have increasing mean. The regression model assumes the residuals are normally distributed.
Question 10. What is the expected value of the elasticity of education on wages for a person ith 15 years of education at its expected wage? (a) 1.5 (b) 150 160 15.15 (c) 150 (d) 1 (e) 160 150
just need the answers to 10, 11 & 12 please

Recommended textbooks for you

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

Probability and Statistics for Engineering and th…

Statistics

ISBN:

9781305251809

Author:

Jay L. Devore

Publisher:

Cengage Learning

Statistics for The Behavioral Sciences (MindTap C…

Statistics

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

MATLAB: An Introduction with Applications

Statistics

ISBN:

9781119256830

Author:

Amos Gilat

Publisher:

John Wiley & Sons Inc

Probability and Statistics for Engineering and th…

Statistics

ISBN:

9781305251809

Author:

Jay L. Devore

Publisher:

Cengage Learning

Statistics for The Behavioral Sciences (MindTap C…

Statistics

ISBN:

9781305504912

Author:

Frederick J Gravetter, Larry B. Wallnau

Publisher:

Cengage Learning

Elementary Statistics: Picturing the World (7th E…

Statistics

ISBN:

9780134683416

Author:

Ron Larson, Betsy Farber

Publisher:

PEARSON

The Basic Practice of Statistics

Statistics

ISBN:

9781319042578

Author:

David S. Moore, William I. Notz, Michael A. Fligner

Publisher:

W. H. Freeman

Introduction to the Practice of Statistics

Statistics

ISBN:

9781319013387

Author:

David S. Moore, George P. McCabe, Bruce A. Craig

Publisher:

W. H. Freeman

SEE MORE TEXTBOOKS