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 Education 43 52 32 Click here for the Excel Data File a. Find the sample regression equation for the model: Salary = Bo BIEducation + . (Round answers to 2 decimal places.) Salary = O+ Education b. Interpret the coefficient for Education. OAs Education increases by 1 year, an individual's annual salary is predicted to increase by $8,590. OAs Education increases by 1 year, an individual's annual salary is predicted to decrease by $8,590. OAs Education increases by 1 year, an individual's annual salary is predicted to increase by $6,080. OAs Education increases by 1 year, an individual's annual salary is predicted to decrease by $6,080. c. What is the predicted salary for an individual who completed 8 years of higher education? (Round coefficient estimates to at least 4 decimal places and final answer to the nearest whole number.) Salary

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter4: Equations Of Linear Functions
Section4.5: Correlation And Causation
Problem 2CYU
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A and c
Salary
Education
43
52
80
8
49
70
57
3
113
11
45
33
7
54
2
86
8
48
3
64
4
59
146
10
50
82
71
134
9
32
Transcribed Image Text:Salary Education 43 52 80 8 49 70 57 3 113 11 45 33 7 54 2 86 8 48 3 64 4 59 146 10 50 82 71 134 9 32
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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 Education
B Click here for the Excel Data File
a. Find the sample regression equation for the model: Salary = Bo + B1Education + e.
(Round answers to 2 decimal places.)
Salary =O+ O Education
b. Interpret the coefficient for Education.
OAs Education increases by 1 year, an individual's annual salary is predicted to increase by
$8,590.
OAs Education increases by 1 year, an individual's annual salary is predicted to decrease by
$8,590.
OAs Education increases by 1 year, an individual's annual salary is predicted to increase by
$6,080.
OAs Education increases by 1 year, an individual's annual salary is predicted to decrease by
$6,080.
c. What is the predicted salary for an individual who completed 8 years of higher
education? (Round coefficient estimates to at least 4 decimal places and final
answer to the nearest whole number.)
Salary
References
Difficulty: 2 Medium
Learning Objective: 14-03 Estimate and interpret a simple
linear regression model.
Worksheet
Transcribed Image Text:6:08 Done A ezto.mheducation.com AA E COnnect cancel 9. Award 5.60 points 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 Education B Click here for the Excel Data File a. Find the sample regression equation for the model: Salary = Bo + B1Education + e. (Round answers to 2 decimal places.) Salary =O+ O Education b. Interpret the coefficient for Education. OAs Education increases by 1 year, an individual's annual salary is predicted to increase by $8,590. OAs Education increases by 1 year, an individual's annual salary is predicted to decrease by $8,590. OAs Education increases by 1 year, an individual's annual salary is predicted to increase by $6,080. OAs Education increases by 1 year, an individual's annual salary is predicted to decrease by $6,080. c. What is the predicted salary for an individual who completed 8 years of higher education? (Round coefficient estimates to at least 4 decimal places and final answer to the nearest whole number.) Salary References Difficulty: 2 Medium Learning Objective: 14-03 Estimate and interpret a simple linear regression model. Worksheet
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