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)

WAGE_i=B₁ +B₂YRS_i

WAGE_i =average wage rate for group i YRS_i = 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:

WAGE_i=B₁+B₂YRS_i²

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

Solutions

Expert Solution

orchestra answered 2 years ago

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