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Using data from 50 workers, a researcher estimates Wage Bo BEducation + 2Experience + Age , where Wage is the hourly wage rate and
Using data from 50 workers, a researcher estimates Wage Bo BEducation + 2Experience + Age , 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. Coefficients Standard Error t Stat p-Value Intercept 6.08 4.15 1.47 0.1497 Education 1.24 0.34 3.65 0.0007 Experience 0.48 0.18 2.67 0.0105 Age -0.04 0.09 -0.441 0.6588 a-1. Interpret the point estimate for 1. As Education increases by 1 year, Wage is predicted to increase by 1.24/hour. As Education increases by 1 year, Wage is predicted to increase by 0.48/hour. As Education increases by 1 year, Wage is predicted to increase by 1.24/hour, holding Age and Experience constant. As Education increases by 1 year, Wage is predicted to increase by 0.48/hour, holding Age and Experience constant. a-2. Interpret the point estimate for 2 As Experience increases by 1 year, Wage is predicted to increase by 1.24/hour. As Experience increases by 1 year, Wage is predicted to increase by 0.48/hour. As Experience increases by 1 year, Wage is predicted to increase by 1.24/hour, holding Age and Education constant. As Experience increases by 1 year. Wage is predicted to increase by 0.48/hour, holding Age and Education constant.
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