What is the sample regression equation (round to 2 decimal places)? y =  +  Education +  Experience +  Age What is the hourly wage for a 30-year-old worker with 4 years of higher education and 3 years of experience (round to 2 decimal places)? Are any independent variables insignificant?

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What is the sample regression equation (round to 2 decimal places)? y =  +  Education +  Experience +  Age

What is the hourly wage for a 30-year-old worker with 4 years of higher education and 3 years of experience (round to 2 decimal places)?

Are any independent variables insignificant?

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.
Standard
t Stat
p-Value
0.0603
Coefficients
Error
7.90
Intercept
Education
4.09
0.34
1.93
2.44
4.24
0.0001
3.16
0.0028
Experience
Age
0.54
0.14
-0.02
0.08
-0.14
0.8920
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. Standard t Stat p-Value 0.0603 Coefficients Error 7.90 Intercept Education 4.09 0.34 1.93 2.44 4.24 0.0001 3.16 0.0028 Experience Age 0.54 0.14 -0.02 0.08 -0.14 0.8920
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