A social scientist would like to analyze the relationship between educational attainment (in years of higher education) and annual salary (in $1,000s). He collects data on 20 individuals. A portion of the data is as follows: Salary 44 49 Education 34 Click here for the Excel Data File a. Find the sample regression equation for the model: Salary = Bo + B1Education + ɛ. (Round answers to 2 decimal places.) Salary = Education b. Interpret the coefficient for Education. O As Education increases by 1 unit, an individual's annual salary is predicted to decrease by $6,430. O As Education increases by 1 unit, an individual's annual salary is predicted to decrease by $8,590. O As Education increases by 1 unit, an individual's annual salary is predicted to increase by $6,430. O As Education increases by 1 unit, an individual's annual salary is predicted to increase by $8,590. c. What is the predicted Salary for an individual who completed 9 years of higher education? (Round coefficient estimates to at least 4 decimal places and final answer to the nearest whole number.) Salary Salary Education 44 3 49 84 44 3 72 56 3 111 43 37 4 58 89 44 67 61 4 145 8. 47 83 73 130 34
A social scientist would like to analyze the relationship between educational attainment (in years of higher education) and annual salary (in $1,000s). He collects data on 20 individuals. A portion of the data is as follows: Salary 44 49 Education 34 Click here for the Excel Data File a. Find the sample regression equation for the model: Salary = Bo + B1Education + ɛ. (Round answers to 2 decimal places.) Salary = Education b. Interpret the coefficient for Education. O As Education increases by 1 unit, an individual's annual salary is predicted to decrease by $6,430. O As Education increases by 1 unit, an individual's annual salary is predicted to decrease by $8,590. O As Education increases by 1 unit, an individual's annual salary is predicted to increase by $6,430. O As Education increases by 1 unit, an individual's annual salary is predicted to increase by $8,590. c. What is the predicted Salary for an individual who completed 9 years of higher education? (Round coefficient estimates to at least 4 decimal places and final answer to the nearest whole number.) Salary Salary Education 44 3 49 84 44 3 72 56 3 111 43 37 4 58 89 44 67 61 4 145 8. 47 83 73 130 34
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter1: Equations And Graphs
Section1.FOM: Focus On Modeling: Fitting Lines To Data
Problem 10P
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Question
Transcribed Image Text:A social scientist would like to analyze the relationship between educational attainment (in
years of higher education) and annual salary (in $1,000s). He collects data on 20
individuals. A portion of the data is as follows:
Salary
44
49
Education
34
Click here for the Excel Data File
a. Find the sample regression equation for the model:
Salary = Bo + B1Education + ɛ. (Round answers to 2 decimal places.)
Salary =
Education
b. Interpret the coefficient for Education.
O As Education increases by 1 unit, an individual's annual salary is predicted to
decrease by $6,430.
O As Education increases by 1 unit, an individual's annual salary is predicted to
decrease by $8,590.
O As Education increases by 1 unit, an individual's annual salary is predicted to
increase by $6,430.
O As Education increases by 1 unit, an individual's annual salary is predicted to
increase by $8,590.
c. What is the predicted
Salary for an individual who completed 9 years of higher education? (Round coefficient
estimates to at least 4 decimal places and final answer to the nearest whole number.)
Salary
Transcribed Image Text:Salary
Education
44
3
49
84
44
3
72
56
3
111
43
37
4
58
89
44
67
61
4
145
8.
47
83
73
130
34
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