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You are asked to estimate the model wage=B1+B2 EDU+ B3 EDU2 where wage is the hourly wage ($) and EDU is the number of years of education. OLS results from a sample of 1000 university graduates are reported below: Wage=9.79-1.20 EDU+0.089 EDU2; R-square=0.23 se (2.67) (0.40) (0.09) Test the hypothesis that the expected effect of an extra year of education on hourly wage of an individual with 12 years of education is $1 against the alternative that it is less than $1 at 5% significance level (show all work). You are given the se(b2+2 b3 EDU)= 0.045 Paragraph Y BI

You are asked to estimate the model wage=B1+B2 EDU+ B3 EDU2 where wage is the hourly wage ($) and EDU is the number of years of education. OLS results from a sample of 1000 university graduates are reported below: Wage=9.79-1.20 EDU+0.089 EDU2; R-square=0.23 se (2.67) (0.40) (0.09) Test the hypothesis that the expected effect of an extra year of education on hourly wage of an individual with 12 years of education is $1 against the alternative that it is less than $1 at 5% significance level (show all work). You are given the se(b2+2 b3 EDU)= 0.045 Paragraph Y BI

MATLAB: An Introduction with Applications
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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You are asked to estimate the model wage=B1+B2 EDU+ B3 EDU? where wage is the hourly wage ($) and EDU is the number of years of education. OLS results from a sample of 1000 university graduates are reported below: Wage=9.79-1.20 EDU+0.089 EDU2; R-square%-D0.23 se (2.67) (0.40) (0.09) Test the hypothesis that the expected effect of an extra year of education on hourly wage of an individual with 12 years of education is $1 against the alternative that it is less than $1 at 5% significance level (show all work). You are given the se(b2+2"b3 EDU)=D 0.045 Paragraph BI II
Transcribed Image Text:You are asked to estimate the model wage=B1+B2 EDU+ B3 EDU? where wage is the hourly wage ($) and EDU is the number of years of education. OLS results from a sample of 1000 university graduates are reported below: Wage=9.79-1.20 EDU+0.089 EDU2; R-square%-D0.23 se (2.67) (0.40) (0.09) Test the hypothesis that the expected effect of an extra year of education on hourly wage of an individual with 12 years of education is $1 against the alternative that it is less than $1 at 5% significance level (show all work). You are given the se(b2+2"b3 EDU)=D 0.045 Paragraph BI II
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