The data below is a random sample of 3 observations drawn from the United States population....

The data below is a random sample of 3 observations drawn from the United States population. Use the data to answer the following questions

i. Find 95% confidence intervals of the population mean of experience and wage.

ii. Estimate ρe,w, the correlation between the variables experience and wage.

iii. Find βˆ 1 and βˆ 0, the estimates of the parameters in the following regression equation wage = β0 + β1education + ϵ

iv. Predict wages for a person with 15 years of education using your regression estimate.

v. Find the R2

wage education

16.20 12

12.36 13

14.40 12

12.00 12

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Expert Solution

orchestra answered 1 year ago

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