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Problem 1: The regression below relates earnings to years of experience for a sample of 30 working adults. wage = 15.6 +1.4*exp Predictor Constant Exp Coef 15.6 1.40 SE Coef 2.38 .60 T 6.55 2.33 where wage equals hourly wage rate ($/hour) and exp equals years of work experience a) According to the above regression results, by how much does a year of experience increase the hourly wage rate? b) For a = .05, test the hypothesis that increases in experience are associated with increases in earnings. Clearly state the null and alternative hypotheses, show all relevant statistics for performing the test, and report the conclusion of your test. c) For a = .05 test the hypothesis that a 1year increase in experience increases the wage rate by more than $1/hour. Clearly state the null and alternative hypotheses, show all relevant statistics for performing the test, and report the conclusion of your test. d) What can you conclude from your answers to parts a-c? How can we explain these differences? e) For the wage regression coefficient, calculate a 95% confidence for its value and in 1 or 2 sentences describe its interpretation.

Problem 1: The regression below relates earnings to years of experience for a sample of 30 working adults. wage = 15.6 +1.4*exp Predictor Constant Exp Coef 15.6 1.40 SE Coef 2.38 .60 T 6.55 2.33 where wage equals hourly wage rate ($/hour) and exp equals years of work experience a) According to the above regression results, by how much does a year of experience increase the hourly wage rate? b) For a = .05, test the hypothesis that increases in experience are associated with increases in earnings. Clearly state the null and alternative hypotheses, show all relevant statistics for performing the test, and report the conclusion of your test. c) For a = .05 test the hypothesis that a 1year increase in experience increases the wage rate by more than $1/hour. Clearly state the null and alternative hypotheses, show all relevant statistics for performing the test, and report the conclusion of your test. d) What can you conclude from your answers to parts a-c? How can we explain these differences? e) For the wage regression coefficient, calculate a 95% confidence for its value and in 1 or 2 sentences describe its interpretation.

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
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Problem 1: The regression below relates earnings to years of experience for a sample of 30 working adults. wage = 15.6 + 1.4*exp Predictor Constant Exp Coef 15.6 1.40 SE Coef 2.38 .60 T 6.55 2.33 where wage equals hourly wage rate ($/hour) and exp equals years of work experience a) According to the above regression results, by how much does a year of experience increase the hourly wage rate? b) For a = .05, test the hypothesis that increases in experience are associated with increases in earnings. Clearly state the null and alternative hypotheses, show all relevant statistics for performing the test, and report the conclusion of your test. c) For a = .05 test the hypothesis that a 1year increase in experience increases the wage rate by more than $1/hour. Clearly state the null and alternative hypotheses, show all relevant statistics for performing the test, and report the conclusion of your test. d) What can you conclude from your answers to parts a-c? How can we explain these differences? e) For the wage regression coefficient, calculate a 95% confidence for its value and in 1 or 2 sentences describe its interpretation.
Transcribed Image Text:Problem 1: The regression below relates earnings to years of experience for a sample of 30 working adults. wage = 15.6 + 1.4*exp Predictor Constant Exp Coef 15.6 1.40 SE Coef 2.38 .60 T 6.55 2.33 where wage equals hourly wage rate ($/hour) and exp equals years of work experience a) According to the above regression results, by how much does a year of experience increase the hourly wage rate? b) For a = .05, test the hypothesis that increases in experience are associated with increases in earnings. Clearly state the null and alternative hypotheses, show all relevant statistics for performing the test, and report the conclusion of your test. c) For a = .05 test the hypothesis that a 1year increase in experience increases the wage rate by more than $1/hour. Clearly state the null and alternative hypotheses, show all relevant statistics for performing the test, and report the conclusion of your test. d) What can you conclude from your answers to parts a-c? How can we explain these differences? e) For the wage regression coefficient, calculate a 95% confidence for its value and in 1 or 2 sentences describe its interpretation.
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