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A researcher has estimated the relationship between salaries of 100 selected employees of an organization (shown as "EARN" in $/hour) and their years of education (shown as "YRSEDUC", in years) as per the following regression outcome with 5% level of significance (numbers are made up): Model 1: OLS, using observations 1-100 Dependent variable: EARN coefficient std. error t-ratio p-value 0.0009 *** const 3.32418 1.00223 3.317 YRSEDUC 0.451931 0.0335255 13.48 5.73e-041 *** Mean dependent var 16.77115 Sum squared resid 598935.5 R-squared S.D. dependent var 8.758696 S.E. of regression 8.661234 Adjusted R-squared 0.022131 P-value(F) 0.022254 F(1, 7984) 181.7164 5.73e-41 Log-likelihood -28571.28 Akaike criterion 57146.55 Schwarz criterion 57160.52 Hannan-Quinn 57151.33 Use the above findings to answer the following questions: A-Given the above estimated outcome, test to verify if the slope coefficient of YRSEDUC is significant. Use a two-sided p-value statistical approach, and show all the required steps. B-Based on your findings above, do you think the variable YRSEDỤC is an important factor impacting EARN? Why or why not? (Statistical tables are attached if needed)

A researcher has estimated the relationship between salaries of 100 selected employees of an organization (shown as "EARN" in $/hour) and their years of education (shown as "YRSEDUC", in years) as per the following regression outcome with 5% level of significance (numbers are made up): Model 1: OLS, using observations 1-100 Dependent variable: EARN coefficient std. error t-ratio p-value 0.0009 *** const 3.32418 1.00223 3.317 YRSEDUC 0.451931 0.0335255 13.48 5.73e-041 *** Mean dependent var 16.77115 Sum squared resid 598935.5 R-squared S.D. dependent var 8.758696 S.E. of regression 8.661234 Adjusted R-squared 0.022131 P-value(F) 0.022254 F(1, 7984) 181.7164 5.73e-41 Log-likelihood -28571.28 Akaike criterion 57146.55 Schwarz criterion 57160.52 Hannan-Quinn 57151.33 Use the above findings to answer the following questions: A-Given the above estimated outcome, test to verify if the slope coefficient of YRSEDUC is significant. Use a two-sided p-value statistical approach, and show all the required steps. B-Based on your findings above, do you think the variable YRSEDỤC is an important factor impacting EARN? Why or why not? (Statistical tables are attached if needed)

Trigonometry (MindTap Course List)
Trigonometry (MindTap Course List)
8th Edition
ISBN:9781305652224
Author:Charles P. McKeague, Mark D. Turner
Publisher:Charles P. McKeague, Mark D. Turner
Chapter4: Graphing And Inverse Functions
Section: Chapter Questions
Problem 6GP: If your graphing calculator is capable of computing a least-squares sinusoidal regression model, use...
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A researcher has estimated the relationship between salaries of 100 selected employees of an organization (shown as "EARN" in $/hour) and their years of education (shown as "YRSEDUC", in years) as per the following regression outcome with 5% level of significance (numbers are made up): Model 1: OLS, using observations 1-100 Dependent variable: EARN coefficient std. error t-ratio p-value const 3.32418 1.00223 3.317 0.0009 *** YRSEDUC 0.451931 0.0335255 13.48 5.73e-041 *** Mean dependent var 16.77115 Sum squared resid 598935.5 R-squared F(1, 7984) Log-likelihood S.D. dependent var 8.758696 S.E. of regression 8.661234 Adjusted R-squared 0.022131 P-value(F) 0.022254 181.7164 5.73е-41 -28571.28 Akaike criterion 57146.55 Schwarz criterion 57160.52 Hannan-Quinn 57151.33 Use the above findings to answer the following questions: A-Given the above estimated outcome, test to verify if the slope coefficient of YRSEDUC is significant. Use a two-sided p-value statistical approach, and show all the required steps. B-Based on your findings above, do you think the variable YRSEDUC is an important factor impacting EARN? Why or why not? (Statistical tables are attached if needed)
Transcribed Image Text:A researcher has estimated the relationship between salaries of 100 selected employees of an organization (shown as "EARN" in $/hour) and their years of education (shown as "YRSEDUC", in years) as per the following regression outcome with 5% level of significance (numbers are made up): Model 1: OLS, using observations 1-100 Dependent variable: EARN coefficient std. error t-ratio p-value const 3.32418 1.00223 3.317 0.0009 *** YRSEDUC 0.451931 0.0335255 13.48 5.73e-041 *** Mean dependent var 16.77115 Sum squared resid 598935.5 R-squared F(1, 7984) Log-likelihood S.D. dependent var 8.758696 S.E. of regression 8.661234 Adjusted R-squared 0.022131 P-value(F) 0.022254 181.7164 5.73е-41 -28571.28 Akaike criterion 57146.55 Schwarz criterion 57160.52 Hannan-Quinn 57151.33 Use the above findings to answer the following questions: A-Given the above estimated outcome, test to verify if the slope coefficient of YRSEDUC is significant. Use a two-sided p-value statistical approach, and show all the required steps. B-Based on your findings above, do you think the variable YRSEDUC is an important factor impacting EARN? Why or why not? (Statistical tables are attached if needed)
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