Reference no: EM132289123
Initially, you believe that gender does not play a role in salaries. Estimate this model with Experience and Class Rank as your explanatory variables and interpret the economic intuition of your regression coefficient (regardless of significance). That is, regardless of whether your regression coefficient is significant or insignificant, explain how changes in your explanatory variable affect your dependent variable.
Question 2: Now you decide to include gender in your model as well. Create suitable variable and estimate a model with all 3 explanatory variables and interpret the economic intuition of all regression coefficients. That is, regardless of whether your regression coefficients are significant or insignificant, explain how changes in your explanatory variables affect your dependent variable.
Which of the models would you choose? Explain your choice.
Using the regression model from (2.), predict the salary for a female graduate with 5 years of experience who is ranked 25thin her class.
If you copy the below text to Excel and use "Text to Columns' In the data-data tools on the ribbon. Then Delimited - next, Check space - next, Finish
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Student Salary Experience Class Rank Gender
1 $98,590 3 1 Female
2 $101,730 7 2 Male
3 $61,970 3 3 Female
4 $94,230 3 4 Male
5 $64,530 4 5 Male
6 $56,040 2 6 Female
7 $97,050 5 7 Male
8 $63,890 2 8 Female
9 $87,070 4 9 Male
10 $61,170 4 10 Female
11 $62,780 4 11 Female
12 $68,250 4 12 Male
13 $56,800 2 13 Female
14 $61,250 3 14 Female
15 $64,030 4 15 Male
16 $62,800 4 16 Female
17 $65,600 3 17 Male
18 $71,890 5 18 Male
19 $63,740 3 19 Male
20 $65,650 3 20 Female
21 $59,830 3 21 Female
22 $64,250 3 22 Male
23 $62,010 4 23 Male
24 $62,290 3 24 Male
25 $61,710 3 25 Female
26 $61,820 3 26 Male
27 $64,330 4 27 Female
28 $60,190 1 28 Female
29 $68,770 4 29 Male
30 $68,270 5 30 Male
31 $62,300 3 31 Female
32 $68,410 5 32 Male
33 $62,010 4 33 Male
34 $60,400 3 34 Female
35 $64,290 4 35 Female
36 $65,400 4 36 Male
37 $65,190 4 37 Male
38 $64,570 4 38 Male
39 $57,510 3 39 Female
40 $60,150 4 40 Female
41 $64,540 5 41 Male
42 $65,350 4 42 Male
43 $66,170 5 43 Male
44 $65,960 3 44 Female
45 $70,080 6 45 Male
46 $61,450 2 46 Female
47 $70,920 5 47 Male
48 $67,110 4 48 Male
49 $71,210 4 49 Male
50 $68,880 5 50 Male
51 $59,320 3 51 Female
52 $66,770 4 52 Male
53 $64,910 4 53 Male
54 $61,550 3 54 Male
55 $71,000 7 55 Male
56 $58,920 3 56 Female
57 $65,860 4 57 Male
58 $62,700 4 58 Female
59 $64,200 3 59 Female
60 $56,580 0 60 Female
61 $69,770 4 61 Male
62 $62,700 4 62 Female
63 $60,680 2 63 Male
64 $65,420 5 64 Male
65 $66,220 5 65 Male
66 $63,370 3 66 Female
67 $65,780 4 67 Male
68 $72,660 6 68 Male
69 $54,330 0 69 Female
70 $64,990 4 70 Male
71 $59,220 3 71 Female
72 $63,530 4 72 Male
73 $56,970 2 73 Female
74 $52,220 0 74 Female
75 $66,910 5 75 Female
76 $66,100 3 76 Male
77 $62,410 2 77 Male
78 $58,450 2 78 Female
79 $63,420 4 79 Male
80 $62,770 3 80 Female