What is the marginal effect of experience if a baseball player has 5 years ofexperience?Call:lm(formula Salary=Residuals:Min1Q MedianMax3Q-7596287 -2108665 -462907 1582398 21522851Coefficients:HRR(Intercept) -1820768ExperienceExperSq---Estimate Std. Error t value Pr(>ltl)845,369Experience + ExperSq+ HR + R, data = Baseball_for_R)845369-238469323231963Signif. codes: 0*** 0.001 **' 0.01 * 0.05 0.1'-23,846Residual standard error: 3451000 on 406 degrees of freedomMultiple R-squared: 0.4736, Adjusted R-squared: 0.4684F-statistic: 91.3 on 4 and 406 DF, p-value: < 2.2e-16606,909359743 -5.061 6.32e-07 ***7.066 6.98e-12 ***1196368236 -2.895 0.003994 **267823.481 0.000553 ***86453.697 0.000248 ***3,630,6951

Regression:Regression analysis is a statistical technique used in economics to examine the…

What is the marginal effect of experience if a baseball player has 5 years of experience? Call: lm(formula = Salary Experience + ExperSq + HR + R, data = Baseball_for_R) Residuals: Min 1Q Median 3Q Max -7596287 -2108665 -462907 1582398 21522851 Coefficients: (Intercept) -1820768 Experience 845369 ExperSq -23846 93232 31963 HR R Estimate Std. Error t value Pr(>Itl) M 845,369 3.481 0.000553 *** 3.697 0.000248 *** Signif. codes: 0 **** 0.001 *** 0.01 * 0.05 0.11 Residual standard error: 3451000 on 406 degrees of freedom Multiple R-squared: 0.4736, Adjusted R-squared: 0.4684 F-statistic: 91.3 on 4 and 406 DF, p-value: < 2.2e-16 -23,846 606,909 3,630,695 359743 -5.061 6.32e-07 *** 119636 7.066 6.98e-12 *** 8236 -2.895 0.003994 ** 26782 8645

What is the marginal effect of experience if a baseball player has 5 years of experience? Call: lm(formula = Salary Experience + ExperSq + HR + R, data = Baseball_for_R) Residuals: Min 1Q Median 3Q Max -7596287 -2108665 -462907 1582398 21522851 Coefficients: (Intercept) -1820768 Experience 845369 ExperSq -23846 93232 31963 HR R Estimate Std. Error t value Pr(>Itl) M 845,369 3.481 0.000553 * 3.697 0.000248 * Signif. codes: 0 ** 0.001 * 0.01 * 0.05 0.11 Residual standard error: 3451000 on 406 degrees of freedom Multiple R-squared: 0.4736, Adjusted R-squared: 0.4684 F-statistic: 91.3 on 4 and 406 DF, p-value: < 2.2e-16 -23,846 606,909 3,630,695 359743 -5.061 6.32e-07 * 119636 7.066 6.98e-12 * 8236 -2.895 0.003994 ** 26782 8645

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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