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{"ops":[{"insert":"From a local chamber of commerce records, information are gathered about the hourly wage and the number of years of experience from local workers. You are interested in exploring a possible relationship between workers\u2019 hourly wages and the number of years of experience.\na. Write down a model (not an estimated equation) that implies percentage changes (or relative changes) to wages due to absolute (or level) changes to years of experience. Indicate which parameter measures the relative change in wages.\nA random sample of 935 workers provided the following information summaries: \ud835\udc4c = ln (\ud835\udc64\ud835\udc4e\ud835\udc54\ud835\udc52) \ud835\udc4b = \ud835\udc52\ud835\udc65\ud835\udc5d\ud835\udc52\ud835\udc5f \u2211\ud835\udc4c = 6338.369 \u2211\ud835\udc4b = 10812 \u2211\ud835\udc4c \u0b36 = 43133.48 \u2211\ud835\udc4b \u0b36 = 142900 \u2211\ud835\udc4b\ud835\udc4c = 73330.04 \ud835\udc5b = 935\nb. Use the summarized data provided above to estimate the model: ln(\ud835\udc64\ud835\udc4e\ud835\udc54\ud835\udc52) = \ud835\udefd\u0b34 + \ud835\udefd\u0b35\ud835\udc52\ud835\udc65\ud835\udc5d\ud835\udc52\ud835\udc5f + \ud835\udc62, where: wage is the hourly worker\u2019s wage, and exper is the number of years of experience for a worker.\n\n\n"}]}
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