c) Interpret the coefficient of determination below: d) Interpret the coefficients of MALE, EDU3, and EXP below:

Extracted text: c) Interpret the coefficient of determination below: d) Interpret the coefficients of MALE, EDU3, and EXP below:


Extracted text: 1. The following computer output shows an estimated equation. Here; W: Weekly wage. MALE: Gender, takes the value of 1 if the worker is male and 0 if female. EDU: Education Level, EDU1=1 if the worker has no formal education and 0 otherwise, EDU2=1 if the worker has primary education and 0 otherwise, EDU3=1 if the worker has secondary and high school degree and 0 otherwise, EDU4=1 if the worker has bachelor, master, and/or Ph.D. degree and 0 otherwise. EXP: Experience (the number of years being employed). Dependent Variable: W Method: Least Squares Date: 01/02/21 Time: 09:15 Sample: 1 935 Included observations: 935 Variable Coefficient Std. Error t-Statistic Prob. 508.7969 486.2831 49.56471 20.27897 10.26531 23.97967 0.0000 0.0000 0.2868 0.0002 0.0000 0.0001 MALE EDU2 EDU3 EDU4 EXP 37.93184 153.9977 251.2214 10.28997 35.58875 40.51264 40.92353 2.548076 1.065838 3.801225 6.138799 4.038331 0.461610 Mean dependent var 0.458713 S.D. dependent var 297.4973 Akaike info criterion 957.9455 404.3608 14.23508 R-squared Adjusted R-squared S.É. of regression Sum squared resid Log likelihood F-statistic 82220789 Schwarz criterion -6648.902 Hannan-Quinn criter. 159.3033 0.000000 14.26615 14.24693 0.446774 Durbin-Watson stat Prob(F-statistic)