Run a regression of average hourly earnings (wage) on education (educ), experience (exper), exper2, sex (female), marital status (married) and num- ber of dependents (numdep). Discuss the statistical significance of each of the slope coefficients and interpret the coefficients on female and married. If experience increases from 20 years to 21 years, how are earnings expected to change? If experience increases from 35 years to 36 years, how are earnings expected to change? Compare the results.

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Correlation

Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.

Linear Correlation

A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related. 

Regression Analysis

Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.