How would you interpret the coefficient on years of education?
A) For every addition in his/her years of education, we would expect the income to increase on average by 1,310, assuming that all the other independent variables in the model are held constant.
B) For every one percent increase in his/her years of education, we would expect the income to increase on average by 1.3 percent, assuming that all the other independent variables in the model are held constant.
C) For every 1.3 percent increase in his/her years of education, we would expect the income to increase approximately by 1,000, assuming that all the other independent variables in the model are held constant.
D) For every one percent increase in his/her years of education, we would expect the income to increase approximately by 1,310, assuming that all the other independent variables in the model are held constant.
Question 2
A random variable is a variable that takes on numerical values realized by the outcomes in the sample space generated by a random experiment.
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