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Exercise- Consider the following STATA output:
Data from the 2010 Puerto Rico Census (sample of 5,661 individuals) used to generate the output:
a. Write down the economic model from the first regression table. Estimate this model and report with standard mom.
b. Which coefficient estimates are statistically significant at the 1% level iu the model from part a (provide justification)? Interpret the coefficients iu the context of the economic model.
c. Estimate the marginal effect of education on income for high school graduates (EDUC = 12) for the model from part (a). Interpret this in the context of the economic model and construct a 95% confidence interval. Assume Cov(b2,b3)= 21.5
d. 'Test whether or not years of schooling has a significant effect on income at the 5% level.
e. Using the model from part a, estimate the "optimal" education level that maximizes income (round to the nearest whole number).
Develop a personal statement and action plan for the conclusions you have come to as a result of reading the course text (Seider, 2012). There are two parts to this assignment.
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