Recitation 1

1

install.packages("wooldridge",repos = "http://cran.us.r-project.org")

## 
## The downloaded binary packages are in
##  /var/folders/hv/w05sj4p52y70vtt99hhlrxzr0000gn/T//RtmpmFjdkJ/downloaded_packages

library(wooldridge)

data("wage1")

minEdu <- min(wage1$educ)
maxEdu <- max(wage1$educ)

cat("Lowest year of education is:", minEdu,"\n" )

## Lowest year of education is: 0

cat("Highest year of education is:", maxEdu,"\n" )

## Highest year of education is: 18

avgWage <- mean(wage1$wage)

cat("Average Hourly wage is :",avgWage,". It is pretty low. \n" )

## Average Hourly wage is : 5.896103 . It is pretty low.

cpi_1976 <- 56.9
cpi_2023 <- 301.6

wage_2023 <- avgWage * (cpi_2023 / cpi_1976)

cat("In 2023, average hourly wage is about $35.69, and the conversion roughly equates to ", wage_2023," in 2023 for our results in (ii), making it a lot more feasible. \n" )

## In 2023, average hourly wage is about $35.69, and the conversion roughly equates to  31.25245  in 2023 for our results in (ii), making it a lot more feasible.

men <- sum(wage1$female == 0, na.rm = TRUE)
women <- sum(wage1$female == 1, na.rm = TRUE)

cat("There are ", women," women and ", men, " men in this data set.\n" )

## There are  252  women and  274  men in this data set.