Influence of Education Duration on Wages: An Economic Report

This report investigates the influence of education duration on wages using regression analysis on a sample of 100 individuals. Descriptive statistics, including mean, median, and range, are presented for both years of education and hourly wages. A scatter plot illustrates a positive linear trend between the variables, though regression analysis reveals a weak association, with an R-squared value of 0.1706, indicating a poor goodness of fit. The slope of the regression equation is 2.1238, suggesting a small increase in hourly wages for each additional year of education. Predicted wages for individuals with 12 and 14 years of education are calculated, highlighting a minor difference. The report concludes that the limited sample size and narrow range of education levels may contribute to the inconclusive results, recommending a larger, more diverse dataset and further analysis to determine the true nature of the relationship between education and wages. Desklib provides access to this and other solved assignments for students.