Construct a 95% confidence interval for the effect of years of education on log weekly earnings.
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Step-by-step explanation:
Let the Values...as Follow :-
X1: Years of education
X2: Experience Years
X3: Square of Experience Years
The statistical equation is assumed:
log(earnings)i=4.016(0.222)+0.092(0.008)X1+0.079(0.025)X2−0.002(0.001)X30.092:Mean(0.008):StandardDeviationFormula,X±Z(s)log(earnings)i=4.016(0.222)+0.092(0.008)X1+0.079(0.025)X2−0.002(0.001)X30.092:Mean(0.008):StandardDeviationFormula,X±Z(s)
Using the statistical table, the value of 95% confidence interval will be 1.96
CI=[0.092−1.96×0.008,0.092+1.96×0.008]
CI=[0.07632,0.10768]
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