1) Find the average education level in the sample. What are the
lowest and highest years of education?
mean(wage1$educ)
## [1] 12.56274
min(wage1$educ)
## [1] 0
max(wage1$educ)
## [1] 18
2) Find the average hourly wage in the sample. Does it seem high or
low?
mean(wage1$wage)
## [1] 5.896103
This seems low.
3) The CPI was 56.9 in 1976 and 304.7 in 2023
4) The ratio of the CPIs: 304.7 / 56.9 ≈ 5.36. Therefore, the
average hourly wage in 2023 dollars is roughly 5.36($5.89) ≈ $31.57,
which sounds reasonble.
5) How many women are in the sample? How many men?
tabulate(wage1$female)
## [1] 252
So there are 252 women and 274 men.