Using data from 50 workers, a researcher estimates Wage = β0 + β1Education + β2Experience + β3Age + ε, where Wage is the hourly wage rate and Education, Experience, and Age are the years of higher education, the years of experience, and the age of the worker, respectively. The regression results are shown in the following table. Coefficients Standard Error t Stat p-Value
Intercept 7.45 3.79 1.97 0.0554
Education 1.06 0.37 2.86 0.0063
Experience 0.37 0.18 2.06 0.0455
Age −0.02 0.06 −0.33 0.7404
Interpret the point estimate for β1.
A. As Education increases by 1 year, Wage is predicted to increase by 1.06/hour.
B. As Education increases by 1 year, Wage is predicted to increase by 0.37/hour.
C. As Education increases by 1 year, Wage is predicted to increase by 1.06/hour, holding Age and Experience constant.
D. As Education increases by 1 year, Wage is predicted to increase by 0.37/hour, holding Age and Experience constant.