Economics and Quantitative Analysis

Running head: ECONOMICS AND QUANTITATIVE ANALYSIS
Economics and Quantitative Analysis
Name of the Student:
Name of the University:
Author’s note:

1ECONOMICS AND QUANTITATIVE ANALYSIS
Table of Contents
1. Introduction:........................................................................................................................2
2. Purpose:..............................................................................................................................2
3. Background:........................................................................................................................2
4. Method:...............................................................................................................................3
4.1. Descriptive Statistics:..................................................................................................3
4.2. Scatter plot:..................................................................................................................4
4.3. Linear Regression Model:...........................................................................................5
5. Discussion:..........................................................................................................................7
6. Recommendations:..............................................................................................................8
7. References:..........................................................................................................................9

2ECONOMICS AND QUANTITATIVE ANALYSIS
1. Introduction:
Education in the largest sense is a curriculum of experience that has significant impact
on the mind, character and physical activity of any human being. Education is the method by
which society gets communication of collected knowledge, skill and values from one
generation to another (Maxwell 1994). Education plays a key role to prepare individuals to
step into labour forces as well as maintaining them with the skills to appoint in lifelong
learning experiences. Educational attainment usually raises ones income and life styles as
well (Martins and Pereira 2004).
After finishing formal education, young people should be able to build a successful
transition from school to work with the achieved skills and knowledge consequently. Wage
variability has to do with the changeability in wages that accumulate to different jobs and
various groups of labour in the labour market. The constancy of educational career establish
whether wages for this occupation are going to be low or high and will therefore be a source
of wage variability.
2. Purpose:
The purpose of the study is to estimate the statistically significant relationship
between years of education and amount of daily wages. We would like to find out what
amount of daily wages is predicted with the help of years of education.
3. Background:
Economists are keen to find the relationship between years of education and amount
of daily wages. in brief, wages are rampant features in almost all markets especially of
capitalist economies (Budría and Moro-Egido 2008). In current days, economists have