Question

In: Statistics and Probability

SUMMARY OUTPUT Regression Statistics Multiple R 0.195389 R Square 0.038177 Adjusted R Square 0.037333 Standard Error...

SUMMARY OUTPUT

Regression Statistics

Multiple R

0.195389

R Square

0.038177

Adjusted R Square

0.037333

Standard Error

36578.71

Observations

1142

ANOVA

df

SS

MS

F

Significance F

Regression

1

6.05E+10

6.05E+10

45.2492

2.74E-11

Residual

1140

1.53E+12

1.34E+09

Total

1141

1.59E+12

Coefficients

Standard Error

t Stat

P-value

Lower 95%

Upper 95%

Lower 95.0%

Upper 95.0%

Intercept

17779.38

3518.846

5.052617

5.07E-07

10875.24

24683.53

10875.24

24683.53

X Variable 1

522.0407

77.60665

6.726752

2.74E-11

369.7728

674.3086

369.7728

674.3086

Income using age

  1. Write the regression equation.
  2. Discuss the statistical significance of the model as a whole using the appropriate regression statistic at a 95% level of confidence.
  3. Discuss the statistical significance of the coefficient for each independent variable using the appropriate regression statistics at a 95% level of confidence.
  4. Discuss the statistical significance of the coefficient for each independent variable using the appropriate regression statistics at a 99% level of confidence.
  5. What percentage of the observed variation in income is explained by the model?
  6. Determine the predicted income of a person who is 50 years old, with 22 years of education, 1 additional family member earning income and works 45 hours per week.    

Solutions

Expert Solution

in f you are expected the predicted value but here use given the output by considering only Age is independent variable.

orchestra answered 1 year ago
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