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Using data from 50 workers, a researcher estimates Wage = B + By Education + B2Experience + B3Age + , where Wage is the hourly
Using data from 50 workers, a researcher estimates Wage = B + By Education + B2Experience + B3Age + , 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. Intercept Education Experience Age Coefficients 6.71 1.07 0.36 -9.08 Standard Error 3.92 0.32 0.10 0.06 t Stat 1.71 3.34 3.60 -1.33 D-Value 0.0937 0.0017 0.0008 0.1890 b. What is the sample regression equation? (Negative values should be indicated by a minus sign. Round your answers to 2 decimal places.) Education + Experience + Age c. Predict the hourly wage rate for a 31-year-old worker with 5 years of higher education and 5 years of experience. (Do not round intermediate calculations. Round your answer to 2 decimal places.) y
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