A researcher wants to test the relationship between the number of years of formal education received (X) and the average weekly earnings dollars) A report released by a government agency suggests that the average weekly earnings of individuals with no formal education is equal to $545. The researcher wants to test whether the average weekly earnings with no formal education is $545 or greater than that. He collects data from a sample of 120 individuals and estimates the following regression function: -6.91+2.30X, (1.25) (4.25) where is the predicted value of the weekly eamings for the individual and the standard errors for the coefficients appear in parenthesis. The F-statistic for the test the researcher wants to conduct will be (Round your answer to two decimal places)

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Chapter1: Making Economics Decisions
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A researcher wants to test the relationship between the number of years of formal education received (X) and the average weekly earnings (Y) (measured in hundred
dollars).
A report released by a government agency suggests that the average weekly earnings of individuals with no formal education is equal to $545. The researcher wants to
test whether the average weekly earnings with no formal education is $545 or greater than that. He collects data from a sample of 120 individuals and estimates the
following regression function:
Y-6.91+2.30X,
(1.25) (4.25)
where , is the predicted value of the weekly earnings for the individual and the standard errors for the coefficients appear in parenthesis.
The f-statistic for the test the researcher wants to conduct will be
(Round your answer to two decimal places)
Transcribed Image Text:A researcher wants to test the relationship between the number of years of formal education received (X) and the average weekly earnings (Y) (measured in hundred dollars). A report released by a government agency suggests that the average weekly earnings of individuals with no formal education is equal to $545. The researcher wants to test whether the average weekly earnings with no formal education is $545 or greater than that. He collects data from a sample of 120 individuals and estimates the following regression function: Y-6.91+2.30X, (1.25) (4.25) where , is the predicted value of the weekly earnings for the individual and the standard errors for the coefficients appear in parenthesis. The f-statistic for the test the researcher wants to conduct will be (Round your answer to two decimal places)
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