A regression of average weekly earnings (AWE, measured in dollars) on age (measured in age) using a random sample of college-educated full-time workers aged 25-65 yields the following A regression of average weekly earnings (AWE,measured in dollars) on age(measured in years) using a random sample of college-educated full-timeworkers aged 25-65 yields the following:AWE = 696.7 + 9.6 x Age, R = 0.023, SER = 624.1.a. Explain what the coefficient values 696.7 and 9.6 mean.b. The standard error of the regression (SER) is 624.1. What are the unitsof measurement for the SER (dollars? years? or is SER unit-free)?c. The regression R? is 0.023. What are the units of measurement for theR2 (dollars? years? or is R? unit-free)?d. What is the regression's predicted earnings for a 25-year-old worker?A 45-year-old worker?

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A regression of average weekly earnings (AWE, measured in dollars) on age (measured in age) using a random sample of college-educated full-time workers aged 25-65 yields the following

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter4: Linear Functions

Section: Chapter Questions

Problem 30PT: For the following exercises, use Table 4 which shows the percent of unemployed persons 25 years or...

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Concept explainers

Correlation

Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.

Linear Correlation

A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.

Regression Analysis

Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.

Question

A regression of average weekly earnings (AWE, measured in dollars) on age (measured in age) using a random sample of college-educated full-time workers aged 25-65 yields the following

A regression of average weekly earnings (AWE,measured in dollars) on age
(measured in years) using a random sample of college-educated full-time
workers aged 25-65 yields the following:
AWE = 696.7 + 9.6 x Age, R = 0.023, SER = 624.1.
a. Explain what the coefficient values 696.7 and 9.6 mean.
b. The standard error of the regression (SER) is 624.1. What are the units
of measurement for the SER (dollars? years? or is SER unit-free)?
c. The regression R? is 0.023. What are the units of measurement for the
R2 (dollars? years? or is R? unit-free)?
d. What is the regression's predicted earnings for a 25-year-old worker?
A 45-year-old worker?

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