Table 81 on Page 284 of Your Textbook Displays the Following

question 27

Short Answer

Table 8.1 on page 284 of your textbook displays the following estimated earnings function in column (4): $$\begin{aligned}\widehat { T \text { eamings } } = & 1.503 + 0.1032 \times \text { educ } - 0.451 \times \text { DFemme } + 0.0143 \times ( \text { DFemme } \times \text { educ } ) \\& ( 0.023 ) ( 0.0012 ) \quad \quad\quad\quad( 0.024 )\quad\quad\quad\quad\quad( 0.0017 )\end{aligned}$$

$$\begin{array} { c c c c c } + 0.0232 \times \text { exper } - 0.000368 \times \text { exper } 2 - 0.058 \times \text { Midwest } - 0.0098 \times \text { South } - 0.030 \times \text { West } \\( 0.0012 ) \quad\quad\quad ( 0.000023 ) \quad\quad\quad ( 0.006 ) \quad\quad\quad\quad ( 0.006 ) \quad\quad\quad\quad\quad ( 0.007 )\end{array}$$

$$n = 52.790 , \overline { \mathrm { R } } ^ { 2 } = 0.267$$
Given that the potential experience variable (exper)is defined as (Age-Education-6)find the age at which individuals with a high school degree (12 years of education)and with a college degree (16 years of education)have maximum earnings, holding all other factors constant.

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