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Use the results obtained to answer the following questions: a.) Determine the least squares regression equation. Interpret the value of ₁. b.) c.) Determine SSE, S² and S. Interpret the value of S. Find a 95% confidence interval for ₁. d.) e.) Estimate the expected salary of an executive with 32 years of experience.

Use the results obtained to answer the following questions: a.) Determine the least squares regression equation. Interpret the value of ₁. b.) c.) Determine SSE, S² and S. Interpret the value of S. Find a 95% confidence interval for ₁. d.) e.) Estimate the expected salary of an executive with 32 years of experience.

College Algebra
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter1: Equations And Graphs
Section: Chapter Questions
Problem 10T: Olympic Pole Vault The graph in Figure 7 indicates that in recent years the winning Olympic men’s...
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QUESTION 3 In an attempt to estimate executive salaries, a company observed the salaries and the years of experience for a sample of 50 executives. After a complete analysis of the data it was found that the error variance was not constant. To solve the problem, it was decided to use a multiplicative model to estimate the salaries based on years of experience. The resulting model was of the form In(v) = Bo + Bxi + E. and the following results was obtained in matrix notation. 50 906 (X'X) = y'y = 5783.173014 906 19304 537.34631 (X'y) = 9881.01553] Use the results obtained to answer the following questions: a.) Determine the least squares regression equation. b.) Interpret the valhue of §, . c.) Determine SSE, S° and S. Interpret the value of S. d.) Find a 95% confidence interval for ß1. e.) Estimate the expected salary of an executive with 32 years of experience.
Transcribed Image Text:QUESTION 3 In an attempt to estimate executive salaries, a company observed the salaries and the years of experience for a sample of 50 executives. After a complete analysis of the data it was found that the error variance was not constant. To solve the problem, it was decided to use a multiplicative model to estimate the salaries based on years of experience. The resulting model was of the form In(v) = Bo + Bxi + E. and the following results was obtained in matrix notation. 50 906 (X'X) = y'y = 5783.173014 906 19304 537.34631 (X'y) = 9881.01553] Use the results obtained to answer the following questions: a.) Determine the least squares regression equation. b.) Interpret the valhue of §, . c.) Determine SSE, S° and S. Interpret the value of S. d.) Find a 95% confidence interval for ß1. e.) Estimate the expected salary of an executive with 32 years of experience.
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