3 Using person-level data on wages from a country where men have more access toeducation than women, a labor economist estimates the following OLS regressionrelating the wage to various socioeconomic attributes:5.wage = 3 + 0.08male + 0.5education + 0.1experiencewhere male is a dummy indicating whether the individual is a male, education is theindividual’s level of education in years, and experience is the individual's level ofwork experience in years. The wage is measured in dollars. Interpret the coefficient ofthe male dummy.The researcher attributes the positive coefficient of the male dummy to the fact thatmen have more access to education, and education has a positive effect on the wage.Do you agree with this explanation? Why or why not?

The regression equation is given as Wage = 3+0.08*male+0.5*education+0.1*experience

Answered: Using person-level data on wages from a…

Linear Algebra: A Modern Introduction

4th Edition

ISBN:9781285463247

Author:David Poole

Publisher:David Poole

Chapter7: Distance And Approximation

Section7.3: Least Squares Approximation

Problem 31EQ

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Suppose that a kitchen cabinet warehouse company would like to be able to predict the area of a customer’s kitchen using the number of cabinets and the kitchen ceiling height. To do so data is collected on the following variables from a random sample of customers: Area – area of the kitchen in square feet Height – ceiling height in the kitchen (from floor to ceiling) in inches Cabinets – number of cabinets in the kitchen Suppose that a multiple linear regression model was fit to the data and that the following output resulted: Coefficients: (Intercept)HeightCabinets Estimate-57.98771.2760.3393 Std. Error8.63820.26430.1302 t value -6.7134.8282.607 Pr(>|t|)2.75e-074.44e-050.0145 What is the predicted area of a kitchen with a height of 96 inches and 10 cabinets? Report your answer to 1 decimal place. square feet
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