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An estimated regression equation is as follow. How do you interpret the coefficient on IQ? Note that the unit of wage is $1000. wage =

  1. An estimated regression equation is as follow. How do you interpret the coefficient on IQ? Note that the unit of wage is $1000.

wage = 116.99+ 8.30* IQ

  1. If IQ increases by 10 points, the average salary increase by 8.30*10 percent.
  2. If IQ increases by 10 points, the average salary increase by 8.30*10*100 percent.
  3. If IQ increases by 10 points, the average salary increase by 8.30*10*100 dollars.
  4. If IQ increases by 10 points, the average salary increase by 8.30*10*1000 percent.
  5. If IQ increases by 10 points, the average salary increase by 8.30*10*1000 dollars.

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