Question
Using data from 50 workers, a researcher estimates Wage = 0 + 1 Education + 2 Experience + 3 Age + , where Wage is
Using data from 50 workers, a researcher estimates Wage =0+1Education +2Experience +3Age +, 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. The regression results are shown in the following table.
CoefficientsStandard
ErrortStatp-ValueIntercept6.713.921.710.0937Education1.070.323.340.0017Experience0.360.103.600.0008Age0.080.061.330.1890
a-1.Interpret the point estimate for1.
- As Education increases by 1 year, Wage is predicted to increase by 1.07/hour.
- As Education increases by 1 year, Wage is predicted to increase by 0.36/hour.
- As Education increases by 1 year, Wage is predicted to increase by 1.07/hour, holding Age and Experience constant.
- As Education increases by 1 year, Wage is predicted to increase by 0.36/hour, holding Age and Experience constant.
a-2.Interpret the point estimate for2.
As Experience increases by 1 year, Wage is predicted to increase by 1.07/hour.
b.What is the sample regression equation?(Negative values should be indicated by a minus sign. Round your answers to 2 decimal places.)
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Algebra 2 Volume 2
Authors: Timothy D. Kanold, Edward B. Burger, Juli K. Dixon, Steven J. Leinwand
1st Edition
054438590X, 978-0544385900
