The following data is from a random sample of individuals who are 25 years old. Note, "wage" is the hourly earnings in US dollars, and "educ" is the years of education.| i | wage | educ ||---|------|------|| 1 | 12.18 | 13 || 2 | 12.18 | 11 || 3 | 20.09 | 16 || 4 | 7.39 | 12 |Consider the following model: $ \ln(\text{wage}) = B_0 + B_1 \text{educ} + u $.Calculate the estimate of $ B_1 $. Round your answer to two decimal places.

Given: Wage educ 12.18 13 12.18 11 20.09 16 7.39 12

The following data from a random sample of individuals that are 25 years old. Note, wage is the hourly earnings in US dollars and educ is years of education. i 1 2 3 4 wage 12.18 12.18 20.09 7.39 educ 13 11 16 12 Consider the following model: In(wage)-Bo+B₂educ+u. Calculate the estimate of B₁. Round your answer to two decimal places.

The following data from a random sample of individuals that are 25 years old. Note, wage is the hourly earnings in US dollars and educ is years of education. i 1 2 3 4 wage 12.18 12.18 20.09 7.39 educ 13 11 16 12 Consider the following model: In(wage)-Bo+B₂educ+u. Calculate the estimate of B₁. Round your answer to two decimal places.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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