Question
In: Statistics and Probability
1. The following data set contains information on years of formal education and incomes in 2015....
1. The following data set contains information on years of formal education and incomes in 2015.
Row Education Income in
in Years 2015 Dollars
1 7 22587
2 10 28305
3 12 40196
4 13 49483
5 14 54483
6 16 78073
7 18 99540
8 19 155646
9 21 125310
a. Estimate the regression equation Income = a + b(Education).
b. What is the predicted increase in Income for a one-year increase in Education?
c. What do you predict Income to be for a person who has 17 years of education?
d. How much of the variation in Income is explained (or accounted for) by Education?
e. Why do you think Income (in the data set) for 21 years of Education is lower than income with 19 years of education?
f. Show the graph of the data with your regression line.
g. Use the F statistic to test the hypothesis that there is no relation between Income and Education at the 5% level of significance. Do you reject this hypothesis or not?
h. If you reject the hypothesis in the previous question, what is the probability that you are committing a Type I error (i.e., what is the probability of a false positive)?
Solutions
orchestra answered 2 years agoRelated Solutions
1. Consider the following data set. Cl is years of education, C2 is years of job...
1. Consider the following data set.
Cl is years of education, C2 is years of job
experience, C3 is age, and C4 is annual
salary.
a. Estimate the relationship:
C4 = a +
b(Cl)+c(C2)+d(C3)
b. Test the hypothesis that the entire
model (C1, C2, and C3 combined) does not
explain a significant amount of variation in the dependent variable
at the 5% level of significance.
c. What fraction of the variation in
annual salary is explained by education, experience, and...
Suppose that a researcher collected the following set of data on years of education (X) and...
Suppose that a researcher collected the following set of data
on years of education (X) and number of children (Y) for a sample
of married adults:
X
Y
12
2
14
1
17
0
10
3
8
5
9
3
12
4
14
2
18
0
16
2
Draw a scatter plot of the data.
Write out the regression equation, then calculate and
interpret the meaning of...
(1 point) A researcher is interested in whether the number of years of formal education is...
(1 point) A researcher is interested in whether the number of
years of formal education is related to a person's decision to
never smoke, continue to smoke, or quit smoking cigarettes. The
data below represent the smoking status by level of education for
residents of the United States 18 years or older from a random
sample of 475 residents. Round all numeric answers to four decimal
places.
Smoking Status
Education Level
Current
Former
Never
Less than high school
25
21...
(1 point) A researcher is interested in whether the number of years of formal education is...
(1 point) A researcher is interested in whether the number of
years of formal education is related to a person's decision to
never smoke, continue to smoke, or quit smoking cigarettes. The
data below represent the smoking status by level of education for
residents of the United States 18 years or older from a random
sample of 475 residents. Round all numeric answers to four decimal
places.
Smoking Status
Education Level
Current
Former
Never
Less than high school
40
21...
(1 point) A researcher is interested in whether the number of years of formal education is...
(1 point) A researcher is interested in whether the number of
years of formal education is related to a person's decision to
never smoke, continue to smoke, or quit smoking cigarettes. The
data below represent the smoking status by level of education for
residents of the United States 18 years or older from a random
sample of 350 residents. Round all numeric answers to four decimal
places.
Smoking Status
Education Level
Current
Former
Never
Less than high school
14
19...
1. Years of formal education appears to be related to income. From a sample of 60...
1. Years of formal education appears to be related to income.
From a sample of 60 people, b1 = .02, the standard error of
estimate is 10.52 and sx 2 is 13641. Using a 5% level of
significance and a hypothesis test for the slope, is there a linear
relationship between the two variables?
2. To investigate whether food budget and household income are
related, data was collected from 125 households and the correlation
coefficient for the two variables was...
8) (1 point) A researcher is interested in whether the number of years of formal education...
8) (1 point) A researcher is interested in whether the number of
years of formal education is related to a person's decision to
never smoke, continue to smoke, or quit smoking cigarettes. The
data below represent the smoking status by level of education for
residents of the United States 18 years or older from a random
sample of 200 residents. Round all numeric answers to four decimal
places.
Smoking Status
Education Level
Current
Former
Never
Less than high school
15...
A researcher is interested in whether the number of years of formal education is related to...
A researcher is interested in whether the number of years of
formal education is related to a person's decision to never smoke,
continue to smoke, or quit smoking cigarettes. The data below
represent the smoking status by level of education for residents of
the United States 18 years or older from a random sample of 350
residents. Round all numeric answers to four decimal places.
Smoking Status Education Level Current Former Never Less than high
school 46 12 26 High...
The following information is available for Italiano Ices for the years 2015 and 2014: 2014 2015...
The following information is available for Italiano Ices for the
years 2015 and 2014:
2014
2015
market price of common stock
$38.30
$44.00
earnings per share
2.00
1.77
dividends per share
1.00
0.88
Requirements:
A. Calculate the dividend yield for both 2015 and 2014
B. Does the dividend yield appear to be low, moderate, or high?
What does your choice indicate about the company's strategy with
regard to paying dividends?
C. What caused the change in the dividend yield ratio...
The data set data_ksubs.csv contains information on net financial wealth (nettf a), age of the survey...
The data set data_ksubs.csv contains information on net
financial wealth (nettf a), age of the survey respondent (age),
annual family income (inc), family size (fsize), and participation
in certain pension plans for people in the United States. The
wealth and income variables are both recorded in thousands of
dollars. In particular, the variable e401k is equal to 1 is the
person is eligible for 401k, a retirement savings plan sponsored by
the employer, and 0 otherwise. a. Create a scatter...
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