ECON 203 Lecture Notes - Lecture 6: Standard Deviation, Standard Error, Dependent And Independent Variables
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The table shown below contains estimates of the following regression equation: Salary = + 1experience + 2college + where. Salary (measured in $) is annual salary of an individual; Experience (measured in years) is how much work experience an individual has; College = 0 if a person has no college education, 1 if a person has college education. F-statistic (2, 57) = 129. 564 (p-value < 0. 00001) Another person has no college degree and 20 years of experience. How much higher should be, on average, the salary of the second individual: using information from the table above, suppose a person has a college degree and 10 years of experience. How much such a person should make on average: suppose that a person described in the previous question makes k. What kind of effect this observation should have on the estimates above? (hint:
