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We observe wage, years of education, and age of worker. We estimated the regression wage=0+1educ+2age+3age2+ wage = 0 + 1 educ + 2 age +
We observe wage, years of education, and age of worker. We estimated the regression wage=0+1educ+2age+3age2+ wage = 0 + 1 educ + 2 age + 3 age 2 + where educ educ represents the years of education and age2 age 2 denotes the square of age. We obtained the estimate wage=120603.7+7062.1educ+3038.4age30.3age2+ wage = 120603.7 + 7062.1 educ + 3038.4 age 30.3 age 2 + e Based on this regression estimate, at what age does the average wage start to decrease with one more year of age? Question 2 Answer a. 0.00 b. 33.43 c. 50.14 d. 100.28
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