Using data from 50 workers, a researcher estimates Wage = Bo + B1Education + B2Experience + B3Age + ɛ, where Wage is the hourly wage rate and Education, Experience, and Age are the years of higher education, the years of experience, and the age of the worker, respectively. The regression results are shown in the following table. %3D Standard Error 4.12 t Stat p-Value 0.1449 0.0004 Coefficients 6.11 Intercept Education Experience Age 1.48 1.14 0.44 -0.02 0.30 0.18 0.07 3.80 2.44 -0.29 0.0184 0.7764 a-1. Interpret the point estimate for B1. O As Education increases by 1 year, Wage is predicted to increase by 1.14/hour. O As Education increases by 1 year, Wage is predicted to increase by 0.44/hour. O As Education increases by 1 year, Wage is predicted to increase by 1.14/hour, holding Age and Experience constant. O As Education increases by 1 year, Wage is predicted to increase by 0.44/hour, holding Age and Experience constant. a-2. Interpret the point estimate for B2. O As Experience increases by 1 year, Wage is predicted to increase by 1.14/hour. O As Experience increases by 1 year, Wage is predicted to increase by 0.44/hour. O As Experience increases by 1 year, Wage is predicted to increase by 1.14/hour, holding Age and Education constant. O As Experience increases by 1 year, Wage is predicted to increase by 0.44/hour, holding Age and Education constant.
Using data from 50 workers, a researcher estimates Wage = Bo + B1Education + B2Experience + B3Age + ɛ, where Wage is the hourly wage rate and Education, Experience, and Age are the years of higher education, the years of experience, and the age of the worker, respectively. The regression results are shown in the following table. %3D Standard Error 4.12 t Stat p-Value 0.1449 0.0004 Coefficients 6.11 Intercept Education Experience Age 1.48 1.14 0.44 -0.02 0.30 0.18 0.07 3.80 2.44 -0.29 0.0184 0.7764 a-1. Interpret the point estimate for B1. O As Education increases by 1 year, Wage is predicted to increase by 1.14/hour. O As Education increases by 1 year, Wage is predicted to increase by 0.44/hour. O As Education increases by 1 year, Wage is predicted to increase by 1.14/hour, holding Age and Experience constant. O As Education increases by 1 year, Wage is predicted to increase by 0.44/hour, holding Age and Experience constant. a-2. Interpret the point estimate for B2. O As Experience increases by 1 year, Wage is predicted to increase by 1.14/hour. O As Experience increases by 1 year, Wage is predicted to increase by 0.44/hour. O As Experience increases by 1 year, Wage is predicted to increase by 1.14/hour, holding Age and Education constant. O As Experience increases by 1 year, Wage is predicted to increase by 0.44/hour, holding Age and Education constant.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Transcribed Image Text:Using data from 50 workers, a researcher estimates Wage = Bo + B1Education + B2Experience + B3Age + ɛ, where Wage is
the hourly wage rate and Education, Experience, and Age are the years of higher education, the years of experience, and
the age of the worker, respectively. The regression results are shown in the following table.
%3D
Standard
Error
4.12
t Stat p-Value
0.1449
0.0004
Coefficients
6.11
Intercept
Education
Experience
Age
1.48
1.14
0.44
-0.02
0.30
0.18
0.07
3.80
2.44
-0.29
0.0184
0.7764
a-1. Interpret the point estimate for B1.
O As Education increases by 1 year, Wage is predicted to increase by 1.14/hour.
O As Education increases by 1 year, Wage is predicted to increase by 0.44/hour.
O As Education increases by 1 year, Wage is predicted to increase by 1.14/hour, holding Age and Experience constant.
O As Education increases by 1 year, Wage is predicted to increase by 0.44/hour, holding Age and Experience constant.
a-2. Interpret the point estimate for B2.
O As Experience increases by 1 year, Wage is predicted to increase by 1.14/hour.
O As Experience increases by 1 year, Wage is predicted to increase by 0.44/hour.
O As Experience increases by 1 year, Wage is predicted to increase by 1.14/hour, holding Age and Education constant.
O As Experience increases by 1 year, Wage is predicted to increase by 0.44/hour, holding Age and Education constant.
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