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Suppose that a professor of labor economics performs a statistical analysis on economywide worker wages using standard, measurable explanatory factors, such as job characteristics, years

Suppose that a professor of labor economics performs a statistical analysis on economywide worker wages using standard, measurable explanatory factors, such as job characteristics, years of experience, and so forth.
About what percentage of the variation in worker wages can be attributed to such measurable explanatory factors?

 

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