OLS Examples OLS Regression ⢠Problem
OLS Examples OLS Regression ⢠Problem
OLS Examples OLS Regression ⢠Problem
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<strong>Problem</strong> 2: Bank Wages• Our model isβ1EduciεiSalaryi= Ae eorln ( SALARYi) = β0+ β1EDUCi+ εi• Interpret the slope parameter as thepercentage increase in salary (S) due to oneadditional year of educationd ln( S ) dS S=dx dxPage 53Salary rises 9% for eachadditional year of educationPage 5427
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