logWage=B1+ B₂ educ + €, where . 1. logWage means the log of yearly wage measured in dollars. 2. educ means years of education (schooling) The regression output is given below: . reg logwage educ Source | SS df MS Number of obs = 100 F(2, 97) = 97.20 Model 0.250000 1 .246632 Prob > F = 0.0000 Residual | 0.250000 98 .002537 R-squared = 0.5000 Adj R-squared = 0.4900 Total | 20000.00 99 200.00 Root MSE = 0.0503 logwage | Coef. Std. Err. t P>|t| [95% Conf. Interval] educ | 0.40000 0.200000 2.00 0.050 0.0000000 0.800000 _cons | 5.00000 0.100000 10.00 0.000 4.8000000 5.200000
logWage=B1+ B₂ educ + €, where . 1. logWage means the log of yearly wage measured in dollars. 2. educ means years of education (schooling) The regression output is given below: . reg logwage educ Source | SS df MS Number of obs = 100 F(2, 97) = 97.20 Model 0.250000 1 .246632 Prob > F = 0.0000 Residual | 0.250000 98 .002537 R-squared = 0.5000 Adj R-squared = 0.4900 Total | 20000.00 99 200.00 Root MSE = 0.0503 logwage | Coef. Std. Err. t P>|t| [95% Conf. Interval] educ | 0.40000 0.200000 2.00 0.050 0.0000000 0.800000 _cons | 5.00000 0.100000 10.00 0.000 4.8000000 5.200000
Chapter6: Exponential And Logarithmic Functions
Section6.8: Fitting Exponential Models To Data
Problem 3TI: Table 6 shows the population, in thousands, of harbor seals in the Wadden Sea over the years 1997 to...
Question
Answer the following questions based on the regression output:
What is the expected value of the Log of Wage for a person with 10 years of education?
(a) 9
(b) 15
(c) 5
(d) 13
(e) 25
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