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Using data from 50 workers, a researcher estimates Wage = 6 + 61 Education + 62Experience + 63Age + E. where Wage is the
Using data from 50 workers, a researcher estimates Wage = 6 + 61 Education + 62Experience + 63Age + E. where Wage is the hourly wage rate and Education, Experience, and Age are the years of higher education, the years of experience, and the age of the worker. respectively. A portion of the regression results is shown in the following table. Intercept Coefficients 7.87 Standard Error t Stat p-Value 4.09 1.93 0.0603 Education 1.44 0.34 4.24 0.0001 Experience 0.45 0.14 3.16 0.0028 Age -0.01 0.08 -0.14 0.8920 b. What is the sample regression equation? Note: Negative values should be Indicated by a minus sign. Round your answers to 2 decimal places. Answer is complete but not entirely correct. Education 7.00 1.23 + Experience 0.43 + 0.07 Age c. Predict the hourly wage rate for a 30-year-old worker with 4 years of higher education and 3 years of experience. Note: Round your answer to 2 decimal places. Answer is not complete.
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