Question

In: Statistics and Probability

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 if male, 0 if female)
100978.79100978.79 1818 00
134750.31134750.31 2020 11
82777.4482777.44 11 11
101472.37101472.37 1919 00
100000.00100000.00 1515 00
125574.97125574.97 2020 11
74970.6274970.62 44 11
85390.0885390.08 88 11
107504.05107504.05 2828 00
105981.49105981.49 2626 00
97737.9197737.91 1010 11
115000.00115000.00 1515 11
82528.6282528.62 33 11
104295.79104295.79 2828 00
103053.49103053.49 2525 00
105575.83105575.83 1212 11
100000.00100000.00 1515 00
101694.06101694.06 1818 00
85141.2685141.26 77 11
108282.06108282.06 3030 00

Answer(How to Enter)

2 Points

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Selecting a checkbox will replace the entered answer value(s) with the checkbox value. If the checkbox is not selected, the entered answer is used.

SALARYi=SALARYi= b0  ++ b1 EXPERIENCEiEXPERIENCEi ++ b2 MALEi+eiMALEi+ei

There is not enough evidence

Solutions

Expert Solution

SUMMARY OUTPUT
Regression Statistics
Multiple R 0.815559299
R Square 0.66513697
Adjusted R Square 0.625741319
Standard Error 8825.378852
Observations 20
ANOVA
df SS MS F Significance F
Regression 2 2630022847 1315011424 16.88351275 9.14895E-05
Residual 17 1324084302 77887311.89
Total 19 3954107149
Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
Intercept 61314.98396 7876.348753 7.784696423 5.28119E-07 44697.34082 77932.62711 44697.34082 77932.62711
Experience 1892.397569 331.7717821 5.703913568 2.58475E-05 1192.420302 2592.374837 1192.420302 2592.374837
Male (1 if male, 0 if female) 18705.74434 5653.375591 3.308774385 0.004150715 6778.164565 30633.32412 6778.164565 30633.32412

P value for male = 0.004 < 0.01

So, it is significant

there is enough evidence to claim that on average male CEOs have higher salaries than female CEOs at the 0.01 level of significance

Equation :

Salary = 61314.98 + 1892.41 * Experience + 18705.74 * Male

Salary difference between male(1) and Female(0)

Difference = 18705.74(1-0) = 18705.74


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