Statistics regression interpretation question

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Analysisproject2.docx

Dependent variable: wage

Coefficient std. error T-Ratio P-value

Const −7.18334 1.01579 −7.072 2.51e-012 ***

Female −3.07488 0.364616 −8.433 8.94e-017 ***

Nonwhite −1.56531 0.509188 −3.074 0.0022 ***

Education 1.37030 0.0659042 20.79 5.51e-083 ***

Experience 0.166607 0.0160476 10.38 2.66e-024 ***

Union 1.09598 0.506078 2.166 0.0305 **

Mean dependent var 12.36585 S.D. dependent var 7.896350

Sum squared resid 54342.54 S.E. of regression 6.508137

R-squared 0.323339 Adjusted R-squared 0.320702

interpret the coefficients (as we've done numerous times now in class), hypothesis tests, and measures of model fit and prediction.