Let Y be hourly wage ($/hr) and X=years of experience. You…
Let Y be hourly wage ($/hr) and X=years of experience. You want to estimate a statistical relationship between wage and experience, not worrying about causality. You’ve heard that initially more experience is associated with higher wage, but that at very large values of experience, more experience is actually associated with lower wage. You’ve also heard that each year of experience is associated with a percentage change in wage. Given all this, the best model to try first would be