You estimate a regression equation that estimates individuals’ yearly income as a function of age (measured in years), years of education, and their score on a standardized intelligence exam (IQ test). The estimated coefficients are: I = 26.3 + 4.21*Age + 7.21*Education + .23 * IQWhere I is income measured in thousands of dollars.     Based on the regression results, how much more should an individual earn after attending graduate school for two years? Explain your reasoning.

Question
Asked Oct 16, 2019

You estimate a regression equation that estimates individuals’ yearly income as a function of age (measured in years), years of education, and their score on a standardized intelligence exam (IQ test). The estimated coefficients are: 

I = 26.3 + 4.21*Age + 7.21*Education + .23 * IQ

Where I is income measured in thousands of dollars.  

 

 

 

Based on the regression results, how much more should an individual earn after attending graduate school for two years? Explain your reasoning. 

check_circleExpert Solution
Step 1

The provided estimated regression equation is,

I = 26.3+4....

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