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Use the estimated regression equation and descriptions below to answer the following question. Note that wealth is measured in dollars and age is measured in
Use the estimated regression equation and descriptions below to answer the following question. Note that wealth is measured in dollars and age is measured in years. Assume both coefficients are statistically significant at the 5% level. Wealth = 4,265.20 + 10,500.12Age 73.76Age2 Goodness-of-Fit Measures: R2=0.79, Adjusted-R2=0.77, Se= 7,421 Which of the following would be the correct interpretation of a calculated marginal effect for a 75-year-old of -563.88? The estimated relationship between age and wealth is concave-down or inverted-U shaped because the marginal effect is negative. The marginal effect cannot be interpreted since it is negative. As a person's age increases by 1 year, their wealth increases by $563.88 on average and all else constant. As an individual ages from 75 to 76 years old, their wealth will always decrease by $563.88, all else constant. As an individual ages from 75 to 76 years old, their wealth will decrease by $563.88, on average and all else constant. As an individual ages from 75 to 76 years old, their wealth will increase by $563.88 on average and all else constant
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