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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 = Wage B1+ẞ2 educ+ €, where . 1. Wage means daily wage measured in dollars. 2. educ means years of education (schooling) The regression output is given below: . reg wage educ Source | SS df MS Number of obs = 100 F(2, 97) 97.14 Model 10000.00 1 5000.00 Prob > F = 0.0000 Residual 10000.00 98 100.00 R-squared = 0.5000 Adj R-squared = 0.4900 Total | 20000.00 99 200.00 Root MSE = 10.000 wage | Coef. Std. Err. t P>|t| [95% Conf. Interval] educ 10.0000 _cons 10.0000 5.0000 10.0000 2.00 1.00 0.050 0.317 0.0000 -20.0000 20.0000 30.0000

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 = Wage B1+ẞ2 educ+ €, where . 1. Wage means daily wage measured in dollars. 2. educ means years of education (schooling) The regression output is given below: . reg wage educ Source | SS df MS Number of obs = 100 F(2, 97) 97.14 Model 10000.00 1 5000.00 Prob > F = 0.0000 Residual 10000.00 98 100.00 R-squared = 0.5000 Adj R-squared = 0.4900 Total | 20000.00 99 200.00 Root MSE = 10.000 wage | Coef. Std. Err. t P>|t| [95% Conf. Interval] educ 10.0000 _cons 10.0000 5.0000 10.0000 2.00 1.00 0.050 0.317 0.0000 -20.0000 20.0000 30.0000

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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
Transcribed Image Text: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
= Wage B1+ẞ2 educ+ €, where . 1. Wage means daily wage measured in dollars. 2. educ means years of education (schooling) The regression output is given below: . reg wage educ Source | SS df MS Number of obs = 100 F(2, 97) 97.14 Model 10000.00 1 5000.00 Prob > F = 0.0000 Residual 10000.00 98 100.00 R-squared = 0.5000 Adj R-squared = 0.4900 Total | 20000.00 99 200.00 Root MSE = 10.000 wage | Coef. Std. Err. t P>|t| [95% Conf. Interval] educ 10.0000 _cons 10.0000 5.0000 10.0000 2.00 1.00 0.050 0.317 0.0000 -20.0000 20.0000 30.0000
Transcribed Image Text:= Wage B1+ẞ2 educ+ €, where . 1. Wage means daily wage measured in dollars. 2. educ means years of education (schooling) The regression output is given below: . reg wage educ Source | SS df MS Number of obs = 100 F(2, 97) 97.14 Model 10000.00 1 5000.00 Prob > F = 0.0000 Residual 10000.00 98 100.00 R-squared = 0.5000 Adj R-squared = 0.4900 Total | 20000.00 99 200.00 Root MSE = 10.000 wage | Coef. Std. Err. t P>|t| [95% Conf. Interval] educ 10.0000 _cons 10.0000 5.0000 10.0000 2.00 1.00 0.050 0.317 0.0000 -20.0000 20.0000 30.0000
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