Question
In: Statistics and Probability
A social scientist would like to analyze the relationship between educational attainment (in years of higher...
A social scientist would like to analyze the relationship between educational attainment (in years of higher education) and annual salary (in $1,000s). He collects data on 20 individuals. A portion of the data is as follows:
| Salary | Education | ||||
| 40 | 3 | ||||
| 53 | 4 | ||||
| ⋮ | ⋮ | ||||
| 38 | 0 | ||||
| Salary | Education | |
| 40 | 3 | |
| 53 | 4 | |
| 80 | 6 | |
| 42 | 2 | |
| 70 | 5 | |
| 50 | 4 | |
| 110 | 8 | |
| 38 | 0 | |
| 42 | 3 | |
| 55 | 4 | |
| 85 | 6 | |
| 40 | 2 | |
| 70 | 5 | |
| 60 | 4 | |
| 140 | 8 | |
| 40 | 0 | |
| 75 | 5 | |
| 65 | 4 | |
| 125 | 8 | |
| 38 | 0 | |
a. Find the sample regression equation for the model: Salary = β0 + β1Education + ε. (Round answers to 2 decimal places.)
Salaryˆ=Salary^= + Education
b. Interpret the coefficient for Education.
-
As Education increases by 1 unit, an individual’s annual salary is predicted to increase by $8,590.
-
As Education increases by 1 unit, an individual’s annual salary is predicted to increase by $10,850.
-
As Education increases by 1 unit, an individual’s annual salary is predicted to decrease by $8,590.
-
As Education increases by 1 unit, an individual’s annual salary is predicted to decrease by $10,850.
c. What is the predicted salary for an individual who completed 7 years of higher education? (Round coefficient estimates to at least 4 decimal places and final answer to the nearest whole number.)
SalaryˆSalary^ = $
Solutions
orchestra answered 2 years agoRelated Solutions
A social scientist would like to analyze the relationship between educational attainment (in years of higher...
A social scientist would like to analyze the relationship
between educational attainment (in years of higher education) and
annual salary (in $1,000s). He collects data on 20 individuals. A
portion of the data is as follows:
Salary
Education
32
1
55
1
85
5
55
1
76
8
69
7
114
12
54
0
25
5
36
3
97
5
45
2
62
1
58
9
146
12
58
0
84
2
70
5
129
12
32
0
Find the...
A social scientist would like to analyze the relationship between educational attainment (in years of higher...
A social scientist would like to analyze the relationship
between educational attainment (in years of higher education) and
annual salary (in $1,000s). He collects data on 20 individuals. A
portion of the data is as follows:
Salary Education
38 5
70 5
96 8
55 3
80 9
78 8
108 9
49 0
31 6
37 6
96 5
40 1
69 7
70 7
166 5
63 0
83 1
62 3
131 5
28 0
Find the...
A social scientist would like to analyze the relationship between educational attainment (in years of higher...
A social scientist would like to analyze the relationship
between educational attainment (in years of higher education) and
annual salary (in $1,000s). He collects data on 20 individuals. A
portion of the data is as follows:
Salary
Education
34
2
63
3
79
5
49
5
72
6
79
6
110
11
58
0
24
2
30
5
96
7
50
6
69
6
62
7
156
10
56
0
91
3
61
9
123
8
37
0
a. Find...
A social scientist would like to analyze the relationship between educational attainment (in years of higher...
A social scientist would like to analyze the relationship
between educational attainment (in years of higher education) and
annual salary (in $1,000s). He collects data on 20 individuals. A
portion of the data is as follows:
Salary
Education
38
5
70
5
⋮
⋮
28
0
Click here for the Excel Data File
Salary
Education
38
5
70
5
96
8
55
3
80
9
78
8
108
9
49
0
31
6
37
6
96
5
40
1
69...
A social scientist would like to analyze the relationship between educational attainment (in years of higher...
A social scientist would like to analyze the relationship
between educational attainment (in years of higher education) and
annual salary (in $1,000s). He collects data on 20 individuals. A
portion of the data is as follows:
Salary
Education
35
5
59
5
⋮
⋮
37
0
a. Find the sample regression equation for the
model: Salary = β0 +
β1Education + ε. (Round
answers to 2 decimal places.)
Salaryˆ=Salary^= __________ + __________ Education
c. What is the predicted salary for...
A social scientist would like to analyze the relationship between educational attainment (in years of higher...
A social scientist would like to analyze the relationship
between educational attainment (in years of higher education) and
annual salary (in $1,000s). He collects data on 20 individuals. A
portion of the data is as follows:
Salary
Education
35
4
71
1
84
3
52
3
70
7
80
5
107
9
55
0
23
4
33
6
102
6
40
4
67
2
68
5
163
9
55
0
83
8
56
3
125
11
31
0
a. Find...
A social scientist would like to analyze the relationship between educational attainment (in years of higher...
A social scientist would like to analyze the relationship
between educational attainment (in years of higher education) and
annual salary (in $1,000s). He collects data on 20 individuals. A
portion of the data is as follows:
Salary
Education
35
1
67
6
79
2
46
1
69
7
78
5
111
6
62
0
20
4
25
5
100
6
47
5
64
3
66
9
154
7
61
0
87
1
60
3
123
7
32
0
a. Find...
A social scientist would like to analyze the relationship between educational attainment (in years of higher...
A social scientist would like to analyze the relationship
between educational attainment (in years of higher education) and
annual salary (in $1,000s). He collects data on 20 individuals. A
portion of the data is as follows: Salary Education 43 7 54 4 ⋮ ⋮
28 0 Click here for the Excel Data File a. Find the sample
regression equation for the model: Salary = β0 + β1Education + ε.
(Round answers to 2 decimal places.) Salaryˆ= Salary ^ = +...
A social scientist would like to analyze the relationship between educational attainment (in years of higher...
A social scientist would like to analyze the relationship
between educational attainment (in years of higher education) and
annual salary (in $1,000s). He collects data on 20 individuals. A
portion of the data is as follows:
Salary
Education
43
7
54
4
77
4
53
2
67
5
53
6
114
8
48
0
29
5
50
1
91
9
52
3
59
2
55
5
149
10
51
0
80
9
73
8
135
8
28
0
a. Find...
A social scientist would like to analyze the relationship between educational attainment (in years of higher...
A social scientist would like to analyze the relationship
between educational attainment (in years of higher education) and
annual salary (in $1,000s). He collects data on 20 individuals. A
portion of the data is as follows:
Salary
Education
42
6
48
7
82
1
46
3
67
1
54
5
105
6
42
0
38
4
56
6
90
2
44
7
67
5
64
7
143
12
43
0
76
7
64
4
127
6
42
0
a. Find...
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