Suppose the following table was generated from a sample of 2020 CEOs relating annual salary to years of experience and the industry in which they are employed. Indicator (dummy) variables were created for each industry (1 if the CEO works in that industry, 0 otherwise). The Financial industry is considered the base-level industry. Coefficients Standard Error t Stat P-Value Intercept 137193.448002137193.448002 6407.1621946407.162194 21.41251421.412514 0.0000000.000000 Experience 3007.5678003007.567800 247.058728247.058728 12.17349312.173493 0.0000000.000000 Health Care 11661.96750111661.967501 6818.1047396818.104739 1.7104411.710441 0.1077810.107781 Service −17452.317038−17452.317038 6656.6626316656.662631 −2.621782−2.621782 0.0192450.019245 Manufacturing 27645.00035227645.000352 6840.2705206840.270520 4.0415074.041507 0.0010660.001066 Copy Data According to the results, if a CEO in the Financial industry and a CEO in the Service industry both have 2020 years of experience, what is the estimated difference in annual salary between the two CEOs? Enter your answer below, rounded to two decimal places.
Suppose the following table was generated from a sample of 2020 CEOs relating annual salary to years of experience and the industry in which they are employed. Indicator (dummy) variables were created for each industry (1 if the CEO works in that industry, 0 otherwise). The Financial industry is considered the base-level industry. Coefficients Standard Error t Stat P-Value Intercept 137193.448002137193.448002 6407.1621946407.162194 21.41251421.412514 0.0000000.000000 Experience 3007.5678003007.567800 247.058728247.058728 12.17349312.173493 0.0000000.000000 Health Care 11661.96750111661.967501 6818.1047396818.104739 1.7104411.710441 0.1077810.107781 Service −17452.317038−17452.317038 6656.6626316656.662631 −2.621782−2.621782 0.0192450.019245 Manufacturing 27645.00035227645.000352 6840.2705206840.270520 4.0415074.041507 0.0010660.001066 Copy Data According to the results, if a CEO in the Financial industry and a CEO in the Service industry both have 2020 years of experience, what is the estimated difference in annual salary between the two CEOs? Enter your answer below, rounded to two decimal places.
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter11: Data Analysis And Probability
Section: Chapter Questions
Problem 8CR
Related questions
Question
Suppose the following table was generated from a sample of 2020 CEOs relating annual salary to years of experience and the industry in which they are employed. Indicator (dummy) variables were created for each industry (1 if the CEO works in that industry, 0 otherwise). The Financial industry is considered the base-level industry.
| Coefficients | Standard Error | t Stat | P-Value | |
|---|---|---|---|---|
| Intercept | 137193.448002137193.448002 | 6407.1621946407.162194 | 21.41251421.412514 | 0.0000000.000000 |
| Experience | 3007.5678003007.567800 | 247.058728247.058728 | 12.17349312.173493 | 0.0000000.000000 |
| Health Care | 11661.96750111661.967501 | 6818.1047396818.104739 | 1.7104411.710441 | 0.1077810.107781 |
| Service | −17452.317038−17452.317038 | 6656.6626316656.662631 | −2.621782−2.621782 | 0.0192450.019245 |
| Manufacturing | 27645.00035227645.000352 | 6840.2705206840.270520 | 4.0415074.041507 | 0.0010660.001066 |
Copy Data
According to the results, if a CEO in the Financial industry and a CEO in the Service industry both have 2020 years of experience, what is the estimated difference in annual salary between the two CEOs? Enter your answer below, rounded to two decimal places.
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