Answered: Does it pay to stay in school? A report…

Name: Does it pay to stay in school? A report looked at the median hourly wa
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Description: Does it pay to stay in school? A report looked at the median hourly wage gain per additional year of schooling in 2007. The report states that workers with a high school diploma had a median hourly wage that was 13% higher than those who had only com

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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Does it pay to stay in school? A report looked at the median hourly wage gain per additional year of schooling in 2007. The report states that workers with a high school diploma had a median hourly wage that was 13% higher than those who had only completed 11 years of school. Workers who had completed 1 year of college (13 years of education) had a median hourly wage that was 14% higher than that of the workers who had completed only 12 years of school. The added gain in median hourly wage for each additional year of school is shown in the accompanying table. The entry for 15 years of schooling has been intentionally omitted from the table.

Years of Schooling	2007 Median Hourly Wage Gain for the Additional Year (percent)
12	13
13	14
14	16
16	19
17	21
18	22

(a)

Use the given data to predict the median hourly wage gain for the 15th year of schooling.

(b)

The actual wage gain for 15th year of schooling was 18%. How close was the actual value to the predicted wage gain percent from part (a)? (Use actual − predicted.)

Definition Definition Middle value of a data set. The median divides a data set into two halves, and it also called the 50th percentile. The median is much less affected by outliers and skewed data than the mean. If the number of elements in a dataset is odd, then the middlemost element of the data arranged in ascending or descending order is the median. If the number of elements in the dataset is even, the average of the two central elements of the arranged data is the median of the set. For example, if a dataset has five items—12, 13, 21, 27, 31—the median is the third item in ascending order, or 21. If a dataset has six items—12, 13, 21, 27, 31, 33—the median is the average of the third (21) and fourth (27) items. It is calculated as follows: (21 + 27) / 2 = 24.

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