I am trying to confirm the predicted values for education in Figure 17.3 for Wooldridge's Introductory Econometrics, https://economics.ut.ac.ir/document...tory_Econometrics_A_Modern_Approach__2012.pdf.
Predicted values are derived from the lower equation in the figure. Given my limited math background, I'm struggling to understand the empty set symbol. I tried plugging in the values for education level eight, which according to the above paragraph supposedly results in a predicted value of 423.9. This is what I tried:
predicted hours=[(-694.12 + (80.65*8) )/1,122.02] * (-694.12 + (80.65*8)) + 1,122.02 * [(-694.12 * (80.65*8))/1,122.02].
However, I did not get 423.9. Is the above correct?
Predicted values are derived from the lower equation in the figure. Given my limited math background, I'm struggling to understand the empty set symbol. I tried plugging in the values for education level eight, which according to the above paragraph supposedly results in a predicted value of 423.9. This is what I tried:
predicted hours=[(-694.12 + (80.65*8) )/1,122.02] * (-694.12 + (80.65*8)) + 1,122.02 * [(-694.12 * (80.65*8))/1,122.02].
However, I did not get 423.9. Is the above correct?