Using data from 50 workers, a researcher estimates Wage = 0 + 1 Education + 2 Ex

Question

Using data from 50 workers, a researcher estimates Wage = 0 + 1 Education + 2Experience +3Age + , where Wage is the hourly wage rate and Education, Experience, and Age are the years of higher education, the years of experience, and the age of the worker, respectively. A portion of the regression results is shown in the following table.

What is the sample regression equation? (Negative values should be indicated by a minus sign. Round your answers to 2 decimal places.)

Predict the hourly wage rate for a 20-year-old worker with 5 years of higher education and 3 years of experience. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Using data from 50 workers, a researcher estimates Wage = 0 + 1 Education + 2Experience +3Age + , where Wage is the hourly wage rate and Education, Experience, and Age are the years of higher education, the years of experience, and the age of the worker, respectively. A portion of the regression results is shown in the following table.

Explanation / Answer

a-1)

a-2)

As Experience increases by 1 unit, Wage is predicted to increase by 0.41 units, holding Age and Education constant.

b)

y=6.38+1.18*Education+0.41*Experience-0.06*Age

c)

y=6.38+1.18(5)+0.41(3)-0.06(20)

y=14.71

As Education increases by 1 unit, Wage is predicted to increase by 1.18 units, holding Age and Experience constant.

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