Question
In: Statistics and Probability
Suppose the following data were collected from a sample of 15 CEOs relating annual salary to...
Suppose the following data were collected from a sample of 15 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+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 0.01 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."
Copy Data
| Salary | Experience | Service (1 if service sector, 0 otherwise) | Industrial (1 if industrial sector, 0 otherwise) | Financial (1 if financial sector, 0 otherwise) |
|---|---|---|---|---|
| 144225 | 10 | 1 | 00 | 00 |
| 187765 | 20 | 00 | 00 | 1 |
| 142500 | 6 | 1 | 00 | 00 |
| 169650 | 28 | 1 | 00 | 00 |
| 167250 | 31 | 00 | 1 | 00 |
| 189145 | 20 | 00 | 00 | 1 |
| 175000 | 16 | 00 | 00 | 1 |
| 147925 | 14 | 00 | 1 | 00 |
| 142800 | 00 | 00 | 00 | 1 |
| 156200 | 20 | 1 | 00 | 00 |
| 147750 | 14 | 00 | 1 | 00 |
| 127600 | 2 | 00 | 1 | 00 |
| 140887 | 7 | 00 | 1 | 00 |
| 163875 | 31 | 1 | 00 | 00 |
| 186730 | 19 | 00 | 00 | 1 |
Solutions
Expert Solution
| SUMMARY OUTPUT | ||||||
| Regression Statistics | ||||||
| Multiple R | 0.963722812 | |||||
| R Square | 0.928761658 | |||||
| Adjusted R Square | 0.909333019 | |||||
| Standard Error | 5852.693459 | |||||
| Observations | 15 | |||||
| ANOVA | ||||||
| df | SS | MS | F | Significance F | ||
| Regression | 3 | 4912411252 | 1.64E+09 | 47.80374 | 1.33964E-06 | |
| Residual | 11 | 376794228 | 34254021 | |||
| Total | 14 | 5289205480 | ||||
| Coefficients | Standard Error | t Stat | P-value | Lower 95% | Upper 95% | |
| Intercept | 154891.50 | 3608.389733 | 42.92538 | 1.34E-13 | 146949.4844 | 162833.5089 |
| Experience | 1426.43 | 165.5921673 | 8.614137 | 3.21E-06 | 1061.967655 | 1790.89946 |
| Service | -26703.73 | 3760.364416 | -7.10137 | 1.99E-05 | -34980.24051 | -18427.22795 |
| Industrial | -28008.59 | 3708.820971 | -7.55189 | 1.13E-05 | -36171.65294 | -19845.5331 |
The p-value for the test of the significance of slope for Service independent variable is less than 0.01. Hence, we can conclude that Service has a significant effect on the Salary at the 0.01 significance level.
The coefficient of slope corresponding to Service is -26703.73. Hence, when service=0, the mean of the salary is increased by 26703.73. Therefore, CEOs in the service sector have lower salaries than CEOs in the financial sector at 0.01 level of significance.
The regression equation is
Salary = 154891.50+ 1426.43 Experience - 26703.73 Service -28008.59
Industrial
orchestra answered 1 year agoRelated Solutions
Suppose the following data were collected from a sample of 15 CEOs relating annual salary to...
Suppose the following data were collected from a sample of 15
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 0.05 level of significance? If yes, write
the regression equation in the spaces provided with answers...
Suppose the following data were collected from a sample of 1515 CEOs relating annual salary to...
Suppose 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...
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...
Suppose the following table was generated from the sample data of 2020 employees relating annual salary...
Suppose the following table was generated from the sample data
of 2020 employees relating annual salary to years of education and
gender. According to the results, is there a salary difference
between men and women at the 0.010.01 level of significance? If
yes, write the difference in salary in the space provided, rounded
to two decimal places. Else, select "There is not enough
evidence."
Coefficients
Standard Error
t Stat
P-Value
Intercept
−12231.082830−12231.082830
2488.3280932488.328093
−4.915382−4.915382
0.0001310.000131
Education
3836.8588903836.858890
148.193548148.193548
25.89086325.890863
0.0000000.000000...
Suppose the following table was generated from the sample data of 2020 employees relating annual salary...
Suppose the following table was generated from the sample data
of 2020 employees relating annual salary to years of education and
gender. According to the results, is there a salary difference
between men and women at the 0.010.01 level of significance? If
yes, write the difference in salary in the space provided, rounded
to two decimal places. Else, select "There is not enough
evidence."
Coefficients
Standard Error
t Stat
P-Value
Intercept
−6351.081919
2302.895692
−2.757868
0.013444
Education
3487.0714766
133.810154
26.059842
0.000000...
Suppose the following data were collected from a sample of 1515 houses relating selling price to...
Suppose the following data were collected from a sample of 1515
houses relating selling price to square footage and the
architectural style of the house. Which of the following is the
best equation to use relating the selling price of a house to
square footage and the style of the house?
Copy Data
Housing Prices
Selling Price
Square Footage
Colonial (1 if house is Colonial style, 0
otherwise)
Ranch (1 if house is Ranch style, 0 otherwise)
Victorian (1 if...
Suppose the following data were collected relating CEO salary to years of experience and gender. Use...
Suppose the following data were collected relating CEO salary to
years of experience and gender. Use statistical software to find
the regression equation. Is there enough evidence to support the
claim that on average female CEOs have higher salaries than male
CEOs at the 0.01 level of significance? If yes, type the regression
equation in the spaces provided with answers rounded to two decimal
places. Else, select "There is not enough evidence."
Salary
Experience
Female (1 if female, 0 if...
Suppose the following data were collected relating CEO salary to years of experience and gender. Use...
Suppose the following data were collected relating CEO salary to
years of experience and gender. Use statistical software to find
the regression equation. Is there enough evidence to support the
claim that on average male CEOs have higher salaries than female
CEOs at the 0.010.01 level of significance? If yes, type the
regression equation in the spaces provided with answers rounded to
two decimal places. Else, select "There is not enough
evidence."
Copy Data
CEO Salaries
Salary
Experience
Male (1...
Suppose the following data were collected relating CEO salary to years of experience and gender. Use...
Suppose the following data were collected relating CEO salary to
years of experience and gender. Use statistical software to find
the regression equation. Is there enough evidence to support the
claim that on average male CEOs have higher salaries than female
CEOs at the 0.050.05 level of significance? If yes, type the
regression equation in the spaces provided with answers rounded to
two decimal places. Else, select "There is not enough
evidence."
Copy Data
CEO Salaries
Salary
Experience
Male (1...
Suppose the following data were collected from a sample of 5 car manufacturers relating monthly car...
Suppose the following data were collected from a sample of 5 car
manufacturers relating monthly car sales to the number of
dealerships and the quarter of the year. Use statistical software
to find the following regression equation:
SALESi=b0+b1DEALERSHIPSi+b2QUARTER1i+b3QUARTER2i+b4QUARTER3i+ei
Is there enough evidence to support the claim that on average,
car sales are higher in the 4th quarter than in the
3rd quarter at the 0.05 level of significance? If yes,
write the regression equation in the spaces provided, rounded to...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Explain an example in which a variable has two different addresses at different places in a...
- Hadley, a thirty-five-year-old physician, has worked at Princeton Plainsboro Hospital for six years. She recently received...
- QUESTION 1. For each of the following, state whether the occurrence of the variable x occurs...
- According to Mike Taft of RVK, the “Markets Group” is an important unit of the Federal...
- Describe the process of STP from implementation to convergence.
- Convert the following numbers as indicated. Use as few digits in the results as necessary or...
- Java program to implement the merge sort your own and test it to sort a list...
ADVERTISEMENT