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Interpret the coefficient of determination

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Reference no: EM131798813

E researcher interviews 50 employees of a large manufacturer and collects data on each worker's hourly wage (Wage), years of higher education (EDUC), experience (EXPER), and age (AGE). The data can be found on the text website, labeled

Hourly Wage.

a. Estimate: Wage = β0 + β1 EDUC + β2EXPER + β3AGE + ε.

b. Are the signs as expected?

c. Interpret the coefficient of EDUC.

d. Interpret the coefficient of determination.

e. Predict the hourly wage of a 40-year-old employee who has 5 years of higher education and 8 years of experience.

Reference no: EM131798813

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