Personal Income = 30,000 + 1000 (education) - 2000 (gender) + 3000 (White_D) + 5000 (Asian_D)

In the equation:

"personal income" is measured in dollar per year;

"education" is measured in years of schooling completed;

"gender" is a dummy variable (female=1, male=0);

"White_D" is a dummy variable for race (Whites=1, else=0);

"Asian_D" is a second dummy variable for race (Asians=1, else=0);

"Other_D" is a third dummy for race being omitted from the equation (others=1, else=0).

(1.) What does the number "30,000" mean?

(2.) Interpret the coefficient (+1000) for education.

(3.) Interpret the coefficient (-2000) for gender.

(4.) Interpret the coefficient (+3000) for White_D.

(5.) What is the personal income for John, a black male with 16 years of education?