The goal is to predict a person's income based on their age, gender, class of worker, and education level. We validated a model using numerical representation, in particular R squared and RMSE. PINCP, AGEP, SEX, SCHL data are selected within the PUMS dataset. The beta coefficient for age is 0.012 which means that for every addition increase in age we estimate that the salary increases by a factor of 10^0.012 = 1.028. The beta coefficient for bachelor’s degree is 0.39 which means that people with bachelor’s degree make 10^0.39 = 2.45 times as much as those who did not completed high school.
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