For example, if Y is annual income ($1000/year), X1 is educational level (number of years of...

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For example, if Y is annual income ($1000/year), X1 is educational level (number of years of schooling),X2 is number of years of work experience, and X3 is gender (X3 = 0 is male, X3 = 1 is female), then aftera linear regression of the data collected as below:Estimate Std. Error t value Pr(>|t|)(Intercept XXXXXXXXXX031X XXXXXXXXXX011X XXXXXXXXXX004X XXXXXXXXXX000Residual standard error: 2.7 on 16 degrees of freedomwe assume the estimated parameters are the true values. Try to answer the questions below:(a). [2 points] What is the average difference of annual income between women and men if their otherconditions are the same?(b). [2 points] What is the average annual income of a female with 8 years of eduction and 20 years ofworking experience? What about a male of the same condition?(c). [2 points] What is the probability that a female with 16 years education and no work experiencewill earn more than $28,000/year?

Robert · Accepted Answer

For example, if Y is annual income ($1000/year), X1 is educational level (number of years of 
schooling), X2 is number of years of work experience, and X3 is gender (X3 = 0 is male, X3 = 1 
is female), then after a linear regression of the data collected as below: Estimate Std. Error t 
value Pr(>|t|) (Intercept) 14 7 2 0.031 X1 0.6 0.24 2.5 0.011 X2 1 0.33 3 0.004 X3 1 0.25 4 
0.000 Residual standard error: 2.7 on 16 degrees of freedom we assume the estimated 
parameters are the true values. Try to answer the questions below:  
a).

For example, if Y is annual income ($1000/year), X1 is educational level (number of years of schooling),X2 is number of years of work experience, and X3 is gender (X3 = 0 is male, X3 = 1 is female),...

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