If in a regression model predicting income in 1000s of dollars, the coefficient

ID: 3829633 • Letter: I

Question

If in a regression model predicting income in 1000s of dollars, the coefficient for Education (measured in years) is 2.34 with a p-value of 0.02, what does this mean?

A. Each additional year of education results in an additional $2340 worth of income for every individual in the sample.

B. Each additional year of education on average results in an additional $2340 worth of income for individuals in the sample.

C. Each additional year of education results in an additional $234 worth of income for every individual in the sample.

D. None of the above.

Explanation / Answer

B. Each additional year of education on average results in an additional $2340 worth of income for individuals in the sample.

2.34 *1000 = $2340 and since with the addition of each year will result in $2340 worth of income

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If in a regression model predicting income in 1000s of dollars, the coefficient

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