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 _cons | 0.40000 5.00000 0.200000 0.100000 2.00 0.050 0.0000000 0.800000 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 _cons | 0.40000 5.00000 0.200000 0.100000 2.00 0.050 0.0000000 0.800000 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
Let the estimate for the expected value of wage at 10 years of education be 10,000. What is the expected value of the elasticity of education on wages for a person with 10 years of education?
(a) 4
(b) 10
(c) 8
(d) 5
(e) 1
![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
_cons |
0.40000
5.00000
0.200000
0.100000
2.00 0.050
0.0000000
0.800000
10.00 0.000
4.8000000
5.200000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6035f1a2-2c03-490a-9469-88f7b64e730f%2F6876f7a9-26f6-4ecd-a809-6c6f737006ee%2Fkliwwej_processed.png&w=3840&q=75)
Transcribed Image Text: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
_cons |
0.40000
5.00000
0.200000
0.100000
2.00 0.050
0.0000000
0.800000
10.00 0.000
4.8000000
5.200000
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you
Calculus For The Life Sciences
Calculus
ISBN:
9780321964038
Author:
GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:
Pearson Addison Wesley,
Functions and Change: A Modeling Approach to Coll…
Algebra
ISBN:
9781337111348
Author:
Bruce Crauder, Benny Evans, Alan Noell
Publisher:
Cengage Learning
Calculus For The Life Sciences
Calculus
ISBN:
9780321964038
Author:
GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:
Pearson Addison Wesley,
Functions and Change: A Modeling Approach to Coll…
Algebra
ISBN:
9781337111348
Author:
Bruce Crauder, Benny Evans, Alan Noell
Publisher:
Cengage Learning
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage