The data set consists of information on 3300 full-time full-year workers. The hi

Question

The data set consists of information on 3300 full-time full-year workers. The highest educational achievement for each worker was either a high school diploma or a bachelor's degree. The worker's ages ranged from 25 to 45 years. The data set also contained information on the region of the country where the person lived, marital status, and number of children. For the purposes of these exercises, let AHE- average hourly earnings (in 2005 dollars) College binary variable (1 if college, O if high school) Female binary variable (1 if female, O if male) Age - age (in years) Ntheast binary variable (1 if RegionNortheast, O otherwise) Midwest binary variable (1 if Region-Midwest, O otherwise) South binary variable (1 if Region South, O otherwise) West binary variable (1 if Region - West, O otherwise) Results of Regressions of Average Hourly Earnings on Gender and Education Binary Variables and Other Characteristics Using Data from the Current Population Survey Dependent variable: average hourly earnings (AHE) Regressor College (X1) Female (X2 Age (%) Northeast (X4) Midwest (X5) South (X6) Intercept 4.95 2.38 0.26 0.63 0.55 0.25 3.41 4.99 2.38 0.26 4.97 2.40 11.55 4.00

Explanation / Answer

Adjusted R square = 1- (1-Rsquare)(n-1) / ( n-k-1)

In column 2 Rsquare= 0.173, n= 3300, k= no. of explainatory variables= 3

Adjusted Rsquare= 1 - (1-0.173)/(3300-3-1) = 0.99974= 1.000 rounded off

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