schooling earnings 0 12.5572 1 12.37059 2 12.28345 3 12.53942 4 13.60204 5 13.69685 6 14.46392 7 15.48792 8 16.58223 9 17.75331 10 18.31583 11 18.93581 12 20.69255 13 22.40492 14 23.55711 15 25.12731 16 30.9133 17 30.25502 18 31.35148 19 31.24208 20 34.62525

Let's return to the analysis of schooling and earnings from last chapter's exercises. When you regress earnings on schooling, in addition to giving you estimated coefficients, your computer also gave you some other numbers that you did not understand until you read this chapter. For thee coefficient associated with years of schooling, you should have obtained an estimate of 1.16, indicating that each additional year of schooling corresponds with increased earnings of about $1,160. What are the estimated standard error, p-value, and 95% confidence interval associated with that coefficient? Provide a substantive interpretation for each one.