Suppose that you have the following fitted value:log Income,=3.2145+ 0.1343 × log Expi(0.0195) (0.00458)where Expi is the number of years of working experience of individual i. Find the correct interpretation(s) of the slope coefficient estimates.The elasticity of income on working experience is 13.43.O An additional year of working experience will increase the individual's income by 0.1343%.O An additional percentage increase of working experience will increase the individual's income by 0.1343%.O An additional year of working experience will increase the individual's income by 13.43%.

The fitted regression model is:log Incomei^=3.2145+0.1343×log ExpiHere the dependent variable "log…

Suppose that you have the following fitted value: log Income; = 3.2145 + 0.1343 × log Expi (0.0195) (0.00458) where Exp; is the number of years of working experience of individual i. Find the correct interpretation(s) of the slope coefficient estimates. The elasticity of income on working experience is 13.43. An additional year of working experience will increase the individual's income by 0.1343%. An additional percentage increase of working experience will increase the individual's income by 0.1343%. An additional year of working experience will increase the individual's income by 13.43%.

Suppose that you have the following fitted value: log Income; = 3.2145 + 0.1343 × log Expi (0.0195) (0.00458) where Exp; is the number of years of working experience of individual i. Find the correct interpretation(s) of the slope coefficient estimates. The elasticity of income on working experience is 13.43. An additional year of working experience will increase the individual's income by 0.1343%. An additional percentage increase of working experience will increase the individual's income by 0.1343%. An additional year of working experience will increase the individual's income by 13.43%.

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

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...

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