PS 1 - solutions

PS 1 - solutions - Chapter 3 Review of Statistics 1....

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Chapter 3 Review of Statistics Solutions to Empirical Exercises 1. (a) Average Hourly Earnings, Nominal $’s Mean SE(Mean) 95% Confidence Interval AHE 1992 11.63 0.064 11.50 11.75 AHE 2004 16.77 0.098 16.58 16.96 Difference SE(Difference) 95% Confidence Interval AHE 2004 AHE 1992 5.14 0.117 4.91 5.37 (b) Average Hourly Earnings, Real $2004 Mean SE(Mean) 95% Confidence Interval AHE 1992 15.66 0.086 15.49 15.82 AHE 2004 16.77 0.098 16.58 16.96 Difference SE(Difference) 95% Confidence Interval AHE 2004 AHE 1992 1.11 0.130 0.85 1.37 (c) The results from part (b) adjust for changes in purchasing power. These results should be used. (d) Average Hourly Earnings in 2004 Mean SE(Mean) 95% Confidence Interval High School 13.81 0.102 13.61 14.01 College 20.31 0.158 20.00 20.62 Difference SE(Difference) 95% Confidence Interval College High School 6.50 0.188 6.13 6.87
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(e) Average Hourly Earnings in 1992 (in $2004) Mean SE(Mean) 95% Confidence Interval
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PS 1 - solutions - Chapter 3 Review of Statistics 1....

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