Using data from 50 workers, a researcher estimates Wage = β0 + β1Education + β2Experience + β3Age + ε, 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. A portion of the regression results is shown in the following table. Coefficients Standard Error t Stat p-Value Intercept 7.87 4.09 1.93 0.0603 Education 1.44 0.34 4.24 0.0001 Experience 0.45 0.14 3.16 0.0028 Age −0.01 0.08 −0.14 0.8920 1. Interpret the point estimate for β1. A. As Education increases by 1 year, Wage is predicted to increase by 1.44/hour. B. As Education increases by 1 year, Wage is predicted to increase by 0.45/hour. C. As Education increases by 1 year, Wage is predicted to increase by 1.44/hour, holding Age and Experience constant. D. As Education increases by 1 year, Wage is predicted to increase by 0.45/hour, holding Age and Experience constant. 2. Interpret the point estimate for β2. A. As Experience increases by 1 year, Wage is predicted to increase by 0.45/hour. B. As Experience increases by 1 year, Wage is predicted to increase by 1.44/hour. C. As Experience increases by 1 year, Wage is predicted to increase by 1.44/hour, holding Age and Education constant. D. As Experience increases by 1 year, Wage is predicted to increase by 0.45/hour, holding Age and Education constant. 3. What is the sample regression equation? 4. Predict the hourly wage rate for a 30-year-old worker with 4 years of higher education and 3 years of experience. 5. Predict the hourly wage rate for a 30-year-old worker with 4 years of higher education and 3 years of experience.
Using data from 50 workers, a researcher estimates Wage = β0 + β1Education + β2Experience + β3Age + ε, 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. A portion of the regression results is shown in the following table. Coefficients Standard Error t Stat p-Value Intercept 7.87 4.09 1.93 0.0603 Education 1.44 0.34 4.24 0.0001 Experience 0.45 0.14 3.16 0.0028 Age −0.01 0.08 −0.14 0.8920 1. Interpret the point estimate for β1. A. As Education increases by 1 year, Wage is predicted to increase by 1.44/hour. B. As Education increases by 1 year, Wage is predicted to increase by 0.45/hour. C. As Education increases by 1 year, Wage is predicted to increase by 1.44/hour, holding Age and Experience constant. D. As Education increases by 1 year, Wage is predicted to increase by 0.45/hour, holding Age and Experience constant. 2. Interpret the point estimate for β2. A. As Experience increases by 1 year, Wage is predicted to increase by 0.45/hour. B. As Experience increases by 1 year, Wage is predicted to increase by 1.44/hour. C. As Experience increases by 1 year, Wage is predicted to increase by 1.44/hour, holding Age and Education constant. D. As Experience increases by 1 year, Wage is predicted to increase by 0.45/hour, holding Age and Education constant. 3. What is the sample regression equation? 4. Predict the hourly wage rate for a 30-year-old worker with 4 years of higher education and 3 years of experience. 5. Predict the hourly wage rate for a 30-year-old worker with 4 years of higher education and 3 years of experience.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Using data from 50 workers, a researcher estimates Wage = β0 + β1Education + β2Experience + β3Age + ε, 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. A portion of the regression results is shown in the following table.
| Coefficients | Standard Error | t Stat | p-Value | |
|---|---|---|---|---|
| Intercept | 7.87 | 4.09 | 1.93 | 0.0603 |
| Education | 1.44 | 0.34 | 4.24 | 0.0001 |
| Experience | 0.45 | 0.14 | 3.16 | 0.0028 |
| Age | −0.01 | 0.08 | −0.14 | 0.8920 |
1. Interpret the point estimate for β1.
A. As Education increases by 1 year, Wage is predicted to increase by 1.44/hour.
B. As Education increases by 1 year, Wage is predicted to increase by 0.45/hour.
C. As Education increases by 1 year, Wage is predicted to increase by 1.44/hour, holding Age and Experience constant.
D. As Education increases by 1 year, Wage is predicted to increase by 0.45/hour, holding Age and Experience constant.
2. Interpret the point estimate for β2.
A. As Experience increases by 1 year, Wage is predicted to increase by 0.45/hour.
B. As Experience increases by 1 year, Wage is predicted to increase by 1.44/hour.
C. As Experience increases by 1 year, Wage is predicted to increase by 1.44/hour, holding Age and Education constant.
D. As Experience increases by 1 year, Wage is predicted to increase by 0.45/hour, holding Age and Education constant.
3. What is the sample regression equation?
4. Predict the hourly wage rate for a 30-year-old worker with 4 years of higher education and 3 years of experience.
5. Predict the hourly wage rate for a 30-year-old worker with 4 years of higher education and 3 years of experience.
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