29 - Sample 1 1000 Observations 1000 Mean 10.21302 Median...

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Chapter 2, Exercise Solutions, Principles of Econometrics, 3e 29 EXERCISE 2.15 (a) 0 50 100 150 200 250 300 350 400 2 4 6 8 10 12 14 16 18 Series: EDUC Sample 1 1000 Observations 1000 Mean 13.28500 Median 13.00000 Maximum 18.00000 Minimum 1.000000 Std. Dev. 2.468171 Skewness -0.211646 Kurtosis 4.525053 Jarque-Bera 104.3734 Probability 0.000000 Figure xr2.15(a) Histogram and statistics for EDUC From Figure xr2.15 we can see that the observations of EDUC are skewed to the left indicating that there are few observations with less than 12 years of education. Half of the sample has more than 13 years of education, with the average being 13.29 years of education. The maximum year of education received is 18 years, and the lowest level of education achieved is 1 year. 0 40 80 120 160 200 240 0 10 20 30 40 50 60 Series: WAGE_HISTOGRAM_STATS
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Unformatted text preview: Sample 1 1000 Observations 1000 Mean 10.21302 Median 8.790000 Maximum 60.19000 Minimum 2.030000 Std. Dev. 6.246641 Skewness 1.953258 Kurtosis 10.01028 Jarque-Bera 2683.539 Probability 0.000000 Figure xr2.15(b) Histogram and statistics for WAGE Figure xr2.15(b) shows us that the observations for WAGE are skewed to the right indicating that most of the observations lie between the hourly wages of 5 to 20, and that there are few observations with an hourly wage greater than 20. Half of the sample earns an hourly wage of more than 8.79 dollars an hour, with the average being 10.21 dollars an hour. The maximum earned in this sample is 60.19 dollars an hour and the least earned in this sample is 2.03 dollars an hour....
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