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 10.00 0.000 0.0000000 0.800000 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 10.00 0.000 0.0000000 0.800000 4.8000000 5.200000
Chapter6: Exponential And Logarithmic Functions
Section6.8: Fitting Exponential Models To Data
Problem 1TI: Table 2 shows a recent graduate’s credit card balance each month after graduation. a. Use...
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
10.00 0.000
0.0000000
0.800000
4.8000000
5.200000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6035f1a2-2c03-490a-9469-88f7b64e730f%2F22cb17c9-b7fa-4231-9736-1af8d4a8ccda%2Fpkl3tih_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
10.00 0.000
0.0000000
0.800000
4.8000000
5.200000
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