Question

In: Statistics and Probability

uppose the following data were collected from a sample of 1515 CEOs relating annual salary to...

uppose the following data were collected from a sample of 1515 CEOs relating annual salary to years of experience and the economic sector their company belongs to. Use statistical software to find the following regression equation:

SALARYi=b0+b1EXPERIENCEi+b2SERVICEi+b3INDUSTRIALi+eiSALARYi=b0+b1EXPERIENCEi+b2SERVICEi+b3INDUSTRIALi+ei.

Is there enough evidence to support the claim that on average, CEOs in the service sector have lower salaries than CEOs in the financial sector at the 0.050.05 level of significance? If yes, write the regression equation in the spaces provided with answers rounded to two decimal places. Else, select "There is not enough evidence."

***STEPS ON EXCEL WHAT GOES UNDER X WHAT GOES UNDER Y FOR THE RESIDUAL DATA ANALYSIS TEST PLEASE

CEO Salaries
Salary Experience Service (1 if service sector, 0 otherwise) Industrial (1 if industrial sector, 0 otherwise) Financial (1 if financial sector, 0 otherwise)
138344 1 0 0 1
150000 16 1 0 0
182590 19 0 0 1
154725 19 1 0 0
185465 20 0 0 1
152925 19 0 1 0
1193691 1 0 0 1
141000 8 0 1 0
169338 29 0 1 0
141775 9 0 1 0
147050 14 1 0 0
191675 21 0 0 1
164700 30 1 0 0
152225 18 1 0 0
159337 25 0 1 0

Answer

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SALARYi =_____ + _______   EXPERIENCEi + _______ SERVICEi + ______ INDUSTRIALi + ei

Solutions

Expert Solution

SALARYi = 514016.08 - 10940.57*EXPERIENCEi - 148029 * SERVICEi - 164210.8 INDUSTRIALi

outptut:

procedure:

data -> data analysis -> regression


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