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A multiple regression analysis to assess the effects of age and wage ($/hr) on productivity units produced the following output: Coefficient Standard Error t-stat p-value
A multiple regression analysis to assess the effects of age and wage ($/hr) on productivity units produced the following output: Coefficient Standard Error t-stat p-value Intercept 28.654 7.212 3.973 0.0008 Age 1.536 0.876 1.754 0.0948 Wage -0.872 0.217 -4.018 0.0006 a) Estimate the productivity units for a 42-year-old earning $33/hr. Round to the nearest whole number. b) Which of the following best interprets the regression coefficient for Wage? For each additional year in age, wage on average decreases by -0.872 assuming productivity is held constant. For each additional productivity unit, wage on average decreases by 0.872 assuming age is held constant. For each additional dollar in wage, productivity units on average decrease by 0.872 assuming age is held constant. For each additional dollar in wage, age on average increases by 1.536 assuming productivity is held constant
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