## Using data from 50 workers, a researcher estimates Wage = β0 + β1Education + β2Experience + β3Age + ε, where Wage is the hourly wage rate an

Using data from 50 workers, a researcher estimates Wage = β0 + β1Education + β2Experience + β3Age + ε, where Wage is the hourly wage rate and Education, Experience, and Age are the years of higher education, the years of experience, and the age of the worker, respectively. The regression results are shown in the following table.

Coefficients Standard Error t Stat p-Value

Intercept 7.45 3.79 1.97 0.0554

Education 1.06 0.37 2.86 0.0063

Experience 0.37 0.18 2.06 0.0455

Age −0.02 0.06 −0.33 0.7404

Interpret the point estimate for β1.

A. As Education increases by 1 year, Wage is predicted to increase by 1.06/hour.

B. As Education increases by 1 year, Wage is predicted to increase by 0.37/hour.

C. As Education increases by 1 year, Wage is predicted to increase by 1.06/hour, holding Age and Experience constant.

D. As Education increases by 1 year, Wage is predicted to increase by 0.37/hour, holding Age and Experience constant.

## Answers ( )

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