Homework SourseUsing data from 50 workers a researcher estimates Wage 0 1
Using data from 50 workers, a researcher estimates Wage = ?0 + ?1 Education + ?2 Experience +?3 Age + ?, 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 value should be indicated by a minus sign. Round your answers to 2 decimal places.)
What is the predicted value for Age = 36, Education = 5 and Experience = 4. (Do not round intermediate calculations. Round your answer to 2 decimal places.)
| Using data from 50 workers, a researcher estimates Wage = ?0 + ?1 Education + ?2 Experience +?3 Age + ?, 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. |
Solution
(a-1) 1.13
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(a-2)As Education increases by 1 unit, Wage is predicted to increase by 1.13 units, holding Age and Experience constant.
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(a-3)0.37
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(a-4)As Experience increases by 1 unit, Wage is predicted to increase by 0.37 units, holding Age and Education constant.
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(b)y-hat = 6.69 + 1.13*Education + 0.37*Experience +(?0.09)* Age
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(c)6.69 + 1.13*5 + 0.37*4 +(?0.09)*36 = 10.58
