In: Statistics and Probability
Answer:-
Given That:-
In a multiple regression Y = β0+β1X+β2D, where Y is the annual income (in dollars), X is number of years of education, and D is gender (1 for male, and 0 for female).
1. Interpret the coefficient of D.
Interpret the coefficient of D.
The coefficient of D or the slope of the regression equation is
given as 3215 which indicate increment in the annual income due to
male.
2. Is there a significant difference in the annual incomes earned by male and female?
Yes, there is a significant difference in the annual incomes earned by male and female, because the corresponding p-value for the regression slope is given as 0.0001 which is less than alpha value 0.05.
So, we reject the null hypothesis and concluded that there is a significant difference in the annual incomes earned by male and female.
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