Math Solutions

(Solution Library) Suppose the following model describes the relationship between annual salary, S, and the number of previous years of labor market experience, E.

Question: Suppose the following model describes the relationship between annual salary, S, and the number of previous years of labor market experience, E.

\[\log S=10.6+0.027E\] .
  1. What is salary when E = 0? Interpret the results in layman term.

b. What is salary when E = 10?

c. Approximately, what is the percentage increase in salary when experience increases by 10 years.

d. Using the result in parts (a) and (b), compute the exact percentage difference in salary when experience is 10 and experience is 0.

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