In this exercise, you will investigate the relationship between a worker's age and earnings. (Generally, older workers have more job experience, leading to higher productivity and earnings.)The following table contains data for full-time, full-years workers, age 25-34, with a high school diploma or B.A./B.S. as their highest degree.Download the data from the table(Links to an external site.) The variables areAhe= average hourly earnings andAge= age in years. Use a statistical package of your choice to answer the following questions.

Suppose you are interested in estimating the following model Ahe=?0+ ?1Age +u

Run a regression of average hourly earnings(Ahe)on age

(a) What is the estimated intercept?^0?The estimated intercept F3 is( ). (Round your response to four decimal places)

(b) What is the estimated slope?^1?The estimated slope F4 is( ). (Round your response to four decimal places)

(c) If a worker's age increases by two years, earnings increase, on average, by $( )per hour. (Round your response to four decimal places)

(d) Bob is a 31-year-old worker. Predict Bob's earnings using the estimated regression. Bob's predicted earnings are $ ( )per hour. (Round your response to two decimal places)

(e) Compute theR^2 for the regression above. TheR^2for the regression above is( ). (Round your response to four decimal places.)

Does age account for a large fraction of the variance in earnings across individuals (yeso)?

Ahe Age 17.22756386 16.82692337 31.25 12.82051277 25.96153831 14.42307663 12.5 25.2530365 12.5 11.53846169 13 31.25 21.92307663 13.46153831 23.50427437 15 23.07692337 22.03525734 18.37606812 9.615385056 16.82692337 23.55769157 4.807692528 6.25 34.13461685 7.211538315 19.23077011 8.17307663 22.89803314 12.74038506 11.53846169 29.572649 10.43956089 18.26922989 29.80769157 27.73668671 14.42307663 21.63461494 14.42307663 14.42307663 15.38461494 13.46153831 45.19230652 26 29 27 28 33 25 34 28 27 33 27 28 26 26 34 25 32 31 28 27 34 27 30 30 31 32 28 29 31 33 32 33 26 27 33 28 26 27 30 31 28 25 31 21.63461494 34.18803406 19.23077011 10.57692337 12.01923084 24.03846169 26.44230843 16.82692337 19.23077011 18.26922989 16.82692337 14.90384579 20.19230843 5.161538601 6.25 33.90673065 12.69230747 32.77972031 25 10.09615421 14.02243614 32.96703339 22.11538506 12.5 34.2857132 34.18803406 22.72727203 22.26922989 6.677350521 18.75 28.84615326 19.23077011 8.17307663 14.42307663 38.46154022 12.01923084 28.36538506 21.63461494 11.22449017 21.15480804 10.98901081 5.769230843 24.51922989 9.615385056 29 30 29 32 31 34 29 28 28 34 28 30 26 31 26 30 28 33 32 30 28 31 26 27 28 28 34 33 34 31 29 29 32 27 34 27 29 31 31 33 34 30 30 29 7.692307472 15.38461494 26.70940208 15.38461494 18.02884674 12.5 12.01923084 8.653845787 8.653845787 13.94230747 9.518259048 38.46154022 12.69999981 25 27 28 31 33 28 28 26 26 26 31 33 31