ECON382
Cuny City College
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Answers to HW4 CUNY Queens College ECON382|100% correct
- Exam (elaborations) • 2 pages • 2023
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Use the data in WAGE for the following exercise. 
Consider the standard wage equation 
log(wage)=β0+β1 log(educ)+β2exper+β3tenure+u 
1) The estimated equation is 
 log(wage) = 3.79 + 1.047 log(educ) + .0159 exper + .01337 tenure 
 (.25) (.090) (.00338) (.) 
n = 935, R 
2 
 = .1574 
2) 
The corresponding p-value=0.000 <5%. Reject the null hypothesis that β0=0. 
β0 is significant at 5% significance level. 
The corresponding p-value=0.000 <5%. Reject the null hypothesis that β1=0. 
β1...
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