Use the data in WAGE 1 .RAW for this exercise.
(i) Find the average education level in the sample. What are the lowest and highest years of education?
(ii) Find the average hourly wage in the sample. Does it seem high or low?
(iii) The wage data are reported in 1976 dollars. Using the Economic Report of the President (2004 or later), obtain and report the Consumer Price Index (CPI) for the years 1976 and 2003.
(iv) Use the CPI values from part (iii) to find the average hourly wage in 2003 dollars. Now does the average hourly wage seem reasonable?
(v) How many women are in the sample? How many men?