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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.
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
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
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