Business, 20.02.2020 18:01 logan541972

Use the data in WAGE2.RAW to estimate a simple regression explaining monthly salary ( wage ) in terms of IQ score ( IQ ).

Find the average salary and average IQ in the sample. What is the stan- dard deviation of IQ? (IQ scores are standardized so that the average in the population is 100 with a standard deviation equal to 15.)

Estimate a simple regression model where a one-point increase in IQ changes wage by a constant dollar amount. Use this model to find the predicted increase in wage for an increase in IQ of 15 points. Does IQ explain most of the variation in wage ?

Now estimate a model where each one-point increase in IQ has the same percentage effect on wage . If IQ increases by 15 points, what is the approximate percentage increase in predicted wage ?

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Use the data in WAGE2.RAW to estimate a simple regression explaining monthly salary ( wage ) in term...

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