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[answered] A researcher interviews 50 employees of a large manufacture


A researcher interviews 50 employees of a large manufacturer and collects data on each worker?s hourly wage (Wage), years of higher education (EDUC), experience (EXPER), and age (AGE). The data can be found on the text website, labeled?Hourly Wage.


?

Wage EDUC EXPER AGE Gender
37.85 ? 11 ??? 2 ??? 40 ? 1
21.72 ? 4 ??? 1 ??? 39 ? 0
14.34 ? 4 ??? 2 ??? 38 ? 0
21.26 ? 5 ??? 9 ??? 53 ? 1
24.65 ? 6 ??? 15 ??? 59 ? 1
25.65 ? 6 ??? ?12 ??? 36 ? 1
15.45 ? 9 ??? ?5 ??? 45 ? 0
20.39 ? 4 ??? ?12 ??? 37 ? 0
?29.13 ? 5 ??? 14 ??? 37 ? 1
27.33 ? 11 ??? 3 ??? 43 ? 1
18.02 ? 8 ??? 5 ??? 32 ? 0
20.39 ? 9 ??? 18 ??? 40 ? 1
24.18 ? 7 ??? 1 ??? 49 ? 1
17.29 ? 4 ??? 10 ??? 43 ? 0
15.61 ? 1 ??? 9 ??? 31 ? 0
35.07 ? 9 ??? 22 ??? 45 ? 0
40.33 ? 11 ??? 3 ??? 31 ? 1
20.39 ? 4 ??? 14 ??? 55 ? 0
16.61 ? 6 ??? 5 ??? 30 ? 1
16.33 ? 9 ??? 3 ??? 28 ? 0
23.15 ? 6 ??? ?15 ??? ?60 ? 1
20.39 ? 4 ??? 13 ??? ?32 ? 0
14.88 ? 4 ??? 9 ??? ?58 ? 1
13.88 ? 5 ??? 4 ??? 28 ? 0
?17.65 ? 6 ??? 5 ??? 40 ? 1
15.45 ? 6 ??? 2 ??? 37 ? 0
?26.35 ? 4 ??? 18 ??? 52 ? 1
?19.15 ? 6 ??? 4 ??? 44 ? 1
16.61 ? 6 ??? 4 ??? 57 ? 0
18.39 ? 9 ??? 3 ??? 30 ? 1
15.45 ? 5 ??? 8 ??? 43 ? 0
?18.02 ? 7 ??? 6 ??? 31 ? 1
?13.44 ? 4 ??? 3 ??? 33 ? 0
17.66 ? 6 ??? 23 ??? 51 ? 1
?16.96 ? 4 ??? 15 ??? 37 ? 0
?14.34 ? 4 ??? 9 ??? 45 ? 0
15.45 ? 6 ??? 3 ??? ??55 ??? 0
17.43 ? 5 ??? 14 ??? 57 ? 0
35.89 ? 9 ??? 16 ??? 36 ? 1
20.39 ? 4 ??? 20 ??? 60 ? 1
11.81 ? 4 ??? 5 ??? 35 ? 0
?15.45 ? 9 ??? 10 ??? 34 ? 0
17.66 ? 5 ??? 4 ??? 28 ? 1
13.87 ? 6 ??? 1 ??? 25 ? 0
16.35 ? 7 ??? 10 ??? 43 ? 1
15.45 ? 9 ??? 2 ??? ?42 ? 1
23.67 ? 4 ??? 17 ??? 47 ? 0
16.02 ? 11 ??? 2 ??? 46 ? 1
23.15 ? 4 ??? 15 ??? 52 ? 0
24.18 ? 8 ??? 11 ??? 64 ? 0


?

Click here for the Excel Data File


?

a.

Estimate: Wage =??0?+??1EDUC +??2EXPER +??3AGE +??.?(Negative values should be indicated by a minus sign. Round your answers to 2 decimal places.)


?

???=??+??EDUC +??EXPER +??AGE


?

b. Are the signs as expected?


?

??Coefficients Is the sign expected?
??EDUC (Click to select)YesNo
??EXPER (Click to select)YesNo
??AGE (Click to select)YesNo


?

c. Interpret the coefficient of EDUC.
? ?
?
For a 1 year increase in higher education, wage is predicted to increase by $1.44/hour.
For a 1 year increase in higher education, wage is predicted to increase by $1.44/hour holding higher education, experience and age constant.
For a 1 year increase in higher education, wage is predicted to increase by $1.44/hour holding experience and age constant.


?

d. Interpret the coefficient of determination.
? ?
?
25.24% of the sample variation in wage is explained by the estimated regression model.
25.24% of the sample variation in Age is explained by the estimated regression model.
34.24% of the sample variation in wage is explained by the estimated regression model.
34.24% of the sample variation in Experience is explained by the estimated regression model.


?

e.

Predict the hourly wage of a 40-year-old employee who has 5 years of higher education and 8 years of experience.?(Round intermediate coefficient values and final answer to 2 decimal places.)


?

??Hourly Wage ??


?

f. At the 5% significance level, are the explanatory variables jointly significant?
? ?
?
Yes
No


?

g. At the 5% significance level, are the explanatory variables individually significant?
?


?

??Explanatory Variables Significant in
Explaining Price
??EDUC (Click to select)YesNo??
??EXPER (Click to select)YesNo??
??AGE (Click to select)YesNo??


 


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