Assignment Help on Education and Wage
The purpose of this assignment is to analyze the relationship between education and wage rate by means of simple linear regression. In short, the chief purpose of this task is to analyze how much education affects wage rate.
The intellectual abilities of an individual are developed by education. According to Psacharopoulos (1994), every person has loads of potential capabilities that can be enriched via education and appropriate education paves the way and directs individuals to virtue. In accordance with Psacharopoulos (1993), a vital role is played by education in formulating individuals to enter the workforce plus preparing them with the abilities to participate in enduring learning experiences. Thus, one’s income is raised by the achievement of education. Policymakers give emphasis to investment in human capital for the reason that they believe that it upsurges labor efficiency. Hence, it is anticipated that labor with a comparatively higher education should possess higher efficiency as well as an equivalent greater wage.
In this assignment, different statistical methods have been used in order to fulfill the research objectives. Initially, summary statistics is presented. Summary statistics abridges and provide information about the considered dataset. It states something concerning the values in the dataset comprising where the average lies and whether the considered dataset is skewed.