Question

In: Statistics and Probability

WAGE YRS YRSSQ 4.4567 6 36 5.77 7 49 5.9787 8 64 7.3317 9 81 7.3182...

WAGE YRS YRSSQ
4.4567 6 36
5.77 7 49
5.9787 8 64
7.3317 9 81
7.3182 10 100
6.5844 11 121
7.8182 12 144
7.8351 13 169
11.0223 14 196
14.6738 15 225
16.8361 16 256
21.615 17 289
22.531 18 324

Part 1 Use the data found above to do this part. In addition to answering each part, please include a copy of the Excel regression output

a) Estimate the following population equation (just hand in the Excel output for this part)

WAGEi=B1 +B2YRSi

WAGEi =average wage rate for group i YRSi = average years of education for group i

                                               

b) (i) Report (and interpret) the computed t-statistic for the slope on the variable YRS

(ii) Report and interpret the R2 statistic.

(iii) With a two-tailed test (and a = 0.05), test the hypothesis that in the population B2=0

(iv) Interpret the estimate for B2

(v) Consider the Ho: In words, what is the null hypothesis saying? B2=0

c) Redo part (a) (another Excel output sheet) for:

WAGEi=B1+B2YRSi2

d) Which functional form [(a) or (c)] do you think fits the data best? Why?

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