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Remaining Time: 2 hours, 59 minutes, 51 seconds. Question Completion Status: ₂ Moving to another question will save this response. Question 1 of 14 Question 1 2 points Save Answer From a local town records, information are gathered about workers wages and their educational achievements. You are interested in exploring a possible relationship between the rate of change in workers' wages and the the number of education years completed. a. Write down a model (not an estimated equation) that implies percentage changes (or relative changes) in wage due to changes years of education. Indicate which parameter measures the relative change in worker's wage. (2pts). Attach File Browse Local Files Browse Content Collection Browse Dropbox A Moving to another question will save this response. Question 1 of 14 APR 26 tv . X W amazon music P
Moving to another question will save this response. < Question 2 of 14 > >> Question 2 2 points Save Answer A random sample of 526 workers provided the following information summaries: Y = In(wage) X = educ ΣΥ = 853.8392 X = 6608 ΣΥ2 = 1534.34 ΣΧ2 = = 87040 XY = 11059.64 n = 526 b. Use the summarized data provided above to estimate the model: In(wage) = Bo + B1 educ + u , where: wage is the hourly worker's wage, and educ is the number of years of education completed by the worker. (2pts) Attach File Browse Local Files Browse Content Collection Browse Dropbox Moving to another question will save this response. Question 2 of 14
Note that the regression co-effcienets are given by (ΣΥ)(ΣΧ2) - (ΣΧ)(ΣΧΥ) bo = η(ΣΧ2) - (ΣΧ)2 (853.8392)(87040) - (6606)(11059.64) 526(87040) - (6606)2 = b = 0.5868 ηΣΧΥ – (ΣΧ) (ΣΥ) η(ΣΧ2) - (ΣΧ)2 (526)(11059.64) - (6606)(853.3292) 526(87040) - (6606)2 = 0.0841 Therefore the estimated model is In(wage)=0.5868+0.0841educ
Completion Your answers are saved automatically. Remaining Time: 2 hours, 59 minutes, 21 seconds. Question Completion Status: te ry A Moving to another question will save this response. fo Question 3 Explain in words what the estimated equation in b. represents. Provide an interpretation for each coefficient estimate from b. (3pts). Attach File Browse Local Files Browse Content Collection Browse Dropbox A Moving to another question will save this response.
Your answers are saved automatically. Remaining Time: 2 hours, 59 minutes, 07 seconds. Question Completion Status: te ary Moving to another question will save this response. fo Question 4 d. Calculate the estimated effect on a worker's wage of 5 additional years of education. (1pt). Attach File Browse Local Files Browse Content Collection Browse Dropbox > A Moving to another question will save this response.