I am having some difficulty attempting to interpret an interaction between two categorical/dummy variables. For example, lets say there is an interaction term between an individual's gender and her race.
sex=1 if male & race=1 if white
There is an interaction term between sex and race sex*race
Let's say this is the regression model:
wage = 0 + 1*educ + 2*sex + 3*race + 4*(sex*race) + e
How would you interpret 4 in this model? I presume it would be that if an individual is male and white, his wage will increase by 4. 2 would be if an individual is male, his wage will increase by 2+4*race and 3 would be if an individual is white, then his wage will increase by 3+4*white. Is this a correct interpretation? If not, please help me understand any flaws in my intuition. I appreciate the help, thank you.