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Analysis of a sample data of education level and its corresponding wages

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Added on  2020-05-28

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RELATIONSHIP BETWEEN EDUCATION AND WAGES 3 RELATIONSHIP BETWEEN EDUCATION AND WAGES RELATIONSHIP BETWEEN EDUCATION AND WAGES Name of the Student Name of the University Author Note Executive Summary It has been believed that the education level of a person often reflects upon the wages they earn. Purpose 3 Background 3 Method 4 Results 4 Descriptive Analysis: Table 1 4 Scatter Diagram 5 Regression Line 5 Analysis of the Regression Equation 6 Association between Education and Wages 6 Fit of Regression Equation 6 Wages Calculation

Analysis of a sample data of education level and its corresponding wages

   Added on 2020-05-28

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Running head: RELATIONSHIP BETWEEN EDUCATION AND WAGESRELATIONSHIP BETWEEN EDUCATION AND WAGESName of the StudentName of the UniversityAuthor Note
Analysis of a sample data of education level and its corresponding wages_1
1RELATIONSHIP BETWEEN EDUCATION AND WAGESExecutive SummaryIt has been believed that the education level of a person often reflects upon the wages theyearn. This report aims to analyze the results of a sample data of 100 observations, whichprovided education level and their corresponding wages per hour. Regression Analysis wasused to make a comment upon the two variables. Education was taken as the independentvariable whereas wages was taken as the dependent variable. Microsoft Excel Data Analysistool was used to conduct the Regression Analysis. The result obtained showed little or norelationship between the two variables. The findings and recommendations have been madeat the end of the report.
Analysis of a sample data of education level and its corresponding wages_2
2RELATIONSHIP BETWEEN EDUCATION AND WAGESTable of ContentsPurpose.......................................................................................................................................3Background................................................................................................................................3Method.......................................................................................................................................4Results........................................................................................................................................4Descriptive Analysis: Table 1................................................................................................4Scatter Diagram......................................................................................................................5Regression Line......................................................................................................................5Analysis of the Regression Equation.....................................................................................6Association between Education and Wages...........................................................................6Fit of Regression Equation.....................................................................................................6Calculation.............................................................................................................................7Discussion..................................................................................................................................8Recommendations......................................................................................................................8Excel Data................................................................................................................................10References................................................................................................................................14
Analysis of a sample data of education level and its corresponding wages_3
3RELATIONSHIP BETWEEN EDUCATION AND WAGESPurposeEducation can be described as an experience that has a formative effect on thecharacter, physical ability and the mind of a person. Thus, as education tends to increase anddevelop the intellectual ability of a person it is believed that through gaining knowledge onecan increase their earning capacity. The primary purpose of this report is to find out therelationship between the earning capacity of a person taken to be the wages of the person andthe educational level and qualification (Psacharopoulos 2014). The main question behind thestudies is to find out the influence of education on wages. A regression analysis will beperformed in which the education will be taken as the independent variable and the wagesearned will be taken as the dependent variable. The results shall be interpreted and discussed.BackgroundAs stated earlier, education tends to enrich the lifestyle of a person and increases thecapability. It is often believed that skilled and educated labor is more productive than theunskilled one. Hence, policy makers often tend to emphasize on the importance of educationto increase labor productivity. It is often considered that a labor with higher education willproduce higher and thus have a higher wage (Reardon 2013). However, previous research on the same topic in the African region and surroundingsstate that every worker will receive the same pay. A similar research conducted in the otherparts of the world also state that not much relationship has been found between the two givenfactors. People with higher education have been getting similar wages like those with lowerwages (Siegel 2016). People who have a higher educational are often employed in areas withlow wages in an area o establishment.
Analysis of a sample data of education level and its corresponding wages_4

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