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Least squares regression yields the estimate

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Reference no: EM132331970

Suppose that a least squares regression yields the following estimate: Wi = -1 + 0.3Ai where W is the hourly wage rate (in dollars) and A is the age (in years).

A second regression from another group of workers yields this estimate: Wi = 3 + 0.3 Ai - 0.01(Ai)^2

a. How much is a 20-year-old predicted to earn based on the first estimate?

b. How much is a 20-year-old predicted to earn based on the second estimate?

Reference no: EM132331970

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