Question: The following results are from data where the dependent variable is INCOME, the independent variables are AGE, EDUCATION, FEMALE (which is a dummy variable = 1 for females and = 0 for males), and an interaction term FEMALE*EDUCATION.

1. Complete the results
   
2. What is the estimated regression equation?
3. How much of the variation in income is explained by the regressors?
4. What is the standard error of the error term in the regression equation?
5. Are any of the explanatory (independent) variables significant at the 10% level of significance? How do you know?
6. What is the null and alternative hypothesis that Excel is testing in reporting the t-stats above?
7. Is the regression equation as a whole significant at the 1% level of significance? How do you know?
8. What is the predicted income if AGE = 30, EDUCATION = 16, and a person is a female??
9. What is the predicted income if AGE = 30, EDUCATION = 16, and a person is a male?
10. Based on your answers to the previous 2 questions, what is the marginal impact of being a female for a person with 16 years of education?
11. What is the predicted income if AGE = 30, EDUCATION = 17, and a person is a female?

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