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Statistics Assignment: Education and Wages

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Added on  2020-05-28

Statistics Assignment: Education and Wages

   Added on 2020-05-28

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Running head: INFLUENCE OF DURATION OF EDUCATION ON WAGES INFLUENCE OF DURATION OF EDUCATION ON WAGESName of the studentName of the authorAuthor Note
Statistics Assignment: Education and Wages_1
1INFLUENCE OF DURATION OF EDUCATION ON WAGESTable of Contents1. Purpose........................................................................................................................................22. Background..................................................................................................................................23. Method.........................................................................................................................................24. Results..........................................................................................................................................34. a................................................................................................................................................34. b...............................................................................................................................................44. c................................................................................................................................................54. d...............................................................................................................................................54. e................................................................................................................................................64. f................................................................................................................................................64. g...............................................................................................................................................75. Discussion....................................................................................................................................76. Recommendations........................................................................................................................8References........................................................................................................................................9
Statistics Assignment: Education and Wages_2
2INFLUENCE OF DURATION OF EDUCATION ON WAGES1. PurposeIn today’s world, education is not a luxury anymore; rather it has become essential tocompete in the corporate work society. The main purpose of this report is to understand theinfluence of duration of education on wages (Veramendi Humphries and Heckman 2016). In thisreport a linear regression analysis along with other statistical descriptive analyses has beenconducted to determine the relationship between the number of years of education received andcorresponding wages per hour. 2. BackgroundEducation is considered to be an investment in terms of human capital, the distinctproductivity that an individual can provide. Consequently, higher level education can beregarded as a greater capital and a more assured investment (Strauss and Strauss 2018). Thus,from an economist’s point of interest, comprehending the relation between wages and years ofeducation through appropriate quantitative analysis is of paramount importance. 3. MethodA sample of size 100 has been considered for this particular report. Corresponding yearsof experiences and hourly wages are provided in the data set (Binabaj et al. 2014). Themethodology of regression analysis has been used to test whether there is any associationbetween the number of years an individual has received education and his or her hourly wage(Guvenen and Rendall 2015). Two descriptive tables, consisting of the respective means,medians, modes and the ranges of the two variables have been provided in this report to have a
Statistics Assignment: Education and Wages_3
3INFLUENCE OF DURATION OF EDUCATION ON WAGESbasic understanding of the nature of the data sets. Analysis of a scatter plot is also considered,where the years of education is considered as the independent variable. 4. Results 4. a. Two descriptive tables are provided for the two columns in the data. Mean, median,standard deviation long with range and the minimum and maximum values are presented in thetable for the respective labels.Year of Education Mean13.76Standard Error0.272704376Median13StandardDeviation2.727043761Range15Minimum6Maximum21Earnings per hourMean22.3081Standard Error1.402143746Median19.39StandardDeviation14.02143746Range72.06Minimum4.33Maximum76.39
Statistics Assignment: Education and Wages_4

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