# Complete problem 6.28 at the end of Chapter 6 in the text. Completely answer sections a-g (solution)

**Tutor description**

Focus of the Final Project 6.28. Based on the Current Population Survey (CPS) of March 1995, Paul Rudd extracted a sample of 1289 workers, aged 18 to 65, and obtained the following information on each worker: Wage = hourly wage in $ Age = age in years Female = 1 if female worker Nonwhite = 1 if a nonwhite worker Union = 1 if a union member Education = years of schooling Experience = potential labor market experience in years The full data set can be found as Table 6-16 on the textbook’s Web site. a. Based on these data, estimate the following model, obtaining the usual regression statistics. 1n Wagei = B1 + B2 Age + B3 Female + B4 Nonwhite + B5 Union + B6 Education + B7 Experience + ui where 1n Wage = (natural logarithm of Wage) b. How do you interpret each regression coefficient? c. Which of these coefficients are statistically significant at the 5% level? Also obtain the p va..................................................................................

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