Question
In: Statistics and Probability
1. The following table shows the salaries of five managers and their years of work experience...
1. The following table shows the salaries of five managers and their years of work experience in managerial positions.
Years of Salary Experience ($1000s)
6 120
5 95
4 88
10 150
5 97
a. Use the method of Ordinary Least Square (OLS) to compute the slope
and intercept of sample regression line. You need to decide which
one is the dependent variable. In addition, write down the estimated
sample regression line.
b. Explain the meaning of each estimated coefficient (slope and
intercept) in the context of this problem and plain English.
c. Use a = 0.05 to check if β1 is statistically equal to or different from zero. What is your conclusion?
e. Use 1 -α = 0.99 to estimate a confidence interval for the salary of managers who have 8 years of experience.
Please explain steps to the best ability
Solutions
Expert Solution
ANOVA table
| Source | DF | Sum of Square | Mean Square | F Statistic | P-value |
|---|---|---|---|---|---|
| Regression (between ŷiand yi) |
1 | 2446.545455 | 2446.545455 | 55.834025 | 0.00496370 |
| Residual (between yiand ŷi) |
3 | 131.454545 | 43.818182 | ||
| Total(between yiand yi) | 4 | 2578.000000 | 644.500000 |
orchestra answered 1 year agoRelated Solutions
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True/false. The eval...
Description Here is some data looking at people's salaries, their years of experience, and their average...
Description
Here is some data looking at people's salaries, their years of
experience, and their average evaluation. Please cut and paste it
into excel and run the following regression:
Salary = b0 + b1*Experience + b2*Eval
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