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I don’t know how to handle this Economics question and need guidance.1- Run a regression equation (model) where “academic year salary” is dependent variable and “sex” as independent variable. Explain the following in your estimation output.a) What is the value of intercept in the equation?b) What is the value of slope parameter for variable sex in the estimated equation?c) Write down the value of t-ratio for both intercept and slope parameter for sex.d) How do you interpret the value of estimated coefficient (slope parameter) for variable sex?e) Does the estimated coefficient for variable sex is statistically significant? How do you determine statistical significance?f) What is the P-value for estimated coefficient of sex? How do you interpret that?g) What is the value of “coefficient of Determination” or R2 in the estimated regression equation?h) How do you interpret the value of R2?i) What is the value of Residual? How do you interpret the value of residual in a regression equation?2- Run a regression equation (model) where “academic year salary” is dependent variable and include sex, rank, number of year in current work, highest degree, number of year since highest degree earned as independent variable.a) Write down the estimated equation with estimated intercept and slope parameters for each independent variable.b) Write down the interpretation of each estimated coefficient in word? What does it mean?c) Which estimated coefficients are statistically significant? Which one are not statistically significant? d) What is value of R2 for the estimated model? e) How do you interpret the value of R2 ?f) Write down the t-ratio for all estimated slope parameters. What does it mean when t-ratio has a small or big value?
Requirements: single sentence, or straight to the point of the question


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