Introductory Econometrics: A Modern Approach 6th Edition by Jeffrey M Wooldridge

Question

Introductory Econometrics: A Modern Approach 6th Edition by Jeffrey M Wooldridge

Edition 6ISBN: 130527010X

Introductory Econometrics: A Modern Approach 6th Edition by Jeffrey M Wooldridge

Edition 6ISBN: 130527010X

Exercise 1

Use the data in WAGE1 for this exercise.

(i) Find the average education level in the sample. What are the lowest and highest years of education?

(ii) Find the average hourly wage in the sample. Does it seem high or low?

(iii) The wage data are reported in 1976 dollars. Using the Internet or a printed source, find the Consumer Price Index (CPI) for the years 1976 and 2013.

(iv) Use the CPI values from part (iii) to find the average hourly wage in 2013 dollars. Now does the average hourly wage seem reasonable?

(v) How many women are in the sample? How many men?

Step-by-step solution

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Answer 1

Use the data in WAGE1.MTW file for this exercise.