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Question: Using data from 50 workers, a researcher estimates Wage = Î²0 + Î²1 Education + Î²2Experience +Î²3Age…

by Essaynice Tutors | Sep 9, 2023 | statistics and probability

Using data from 50 workers, a researcher estimates Wage =
Î²₀ + Î²₁ Education +
Î²₂Experience +Î²₃Age +
Îµ, 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.

	Coefficients	Standard Error	t Stat	p–Value
Intercept	7.45	3.79	1.97	0.0554
Education	1.06	0.37	2.86	0.0063
Experience	0.37	0.18	2.06	0.0455
Age	âˆ’0.02	0.06	âˆ’0.33	0.7404

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

___ +___ Education + ____
Experience + ____ Age

c.	Predict the hourly wage rate for a 40-year-old worker with 3 years of higher education and 2 years of experience. (Do not round intermediate calculations. Round your answer to 2 decimal places.)