You have obtained a sub-sample of 1744 individuals from the Current Population Survey (CPS) and are interested in the relationship between weekly earnings and age. The regression, using heteroskedasticity-robust standard errors, yielded the following result:

Eam= 239.16 + 3.75 Age, R2 = 0.15, SER = 287.21.,

where Earn and Age are measured in dollars and years respectively.

(a) Interpret the intercept

(b) Interpret the slope coefficient

(c) b) Is the effect of age on earnings large?

(d) The average age in this sample is 37.5 years. What is annual income in the sample?

(e) Interpret the measures of fit.

You have obtained a sub-sample of 1744 individuals from the Current Population Survey (CPS) and are interested in the relationship between weekly earnings and age. The regression, using heteroskedasticity- robust standard errors, yielded the following result: Eam = 239.16+ 3.75* Age, R2 = 0.15, SER = 287 21., where Earn and Age are measured in dollars and years respectively. (a) Interpret the intercept (b) Interpret the slope coefficient (c) b) is the effect of age on earnings large? (d) The average age in this sample is 37.5 years. What is annual income in the sample? (e) Interpret the measures of fit