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

Write the regression equation.
Discuss the statistical significance of the model as a whole using the appropriate regression statistic at a 95% level of confidence.
Discuss the statistical significance of the coefficient for each independent variable using the appropriate regression statistics at a 95% level of confidence.
Discuss the statistical significance of the coefficient for each independent variable using the appropriate regression statistics at a 99% level of confidence.
What percentage of the observed variation in income is explained by the model?
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 10 months ago

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