3. Consider the following data: Years of Experience Salary (in $1000) 3 28 5 42 2...

3. Consider the following data:

Years of Experience	Salary (in $1000)
3	28
5	42
2	12
7	44
8	49

(a) Draw a scatter plot where x-axis represents years of experience and y-axis represents salary. You may draw it by hand or using Excel.
(b) Obtain the least square estimates αˆ and βˆ. How do you interpret βˆ?
(c) Obtain SST, SSE and SSR. Using them, calculate the coeffi- cient of determination.

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orchestra answered 1 year ago

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