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A social scientist would like to analyze the relationship between educational attainment (in years of higher...

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Statistics

A social scientist would like to analyze the relationshipbetween educational attainment (in years of higher education) andannual salary (in $1,000s). He collects data on 20 individuals. Aportion of the data is as follows:

SalaryEducation
341
524
832
565
751
603
1217
520
302
433
935
506
607
588
14710
560
812
746
1365
250

a. Find the sample regression equation for themodel: Salary = β0 +β1Education + ε. (Roundanswers to 2 decimal places.)

Salary^=    +   Education


b. Interpret the coefficient for Education.

  • As Education increases by 1 unit, an individual’s annual salaryis predicted to increase by $6,530.

  • As Education increases by 1 unit, an individual’s annual salaryis predicted to decrease by $6,530.

  • As Education increases by 1 unit, an individual’s annual salaryis predicted to increase by $8,590.

  • As Education increases by 1 unit, an individual’s annual salaryis predicted to decrease by $8,590.

c. What is the predicted salary for anindividual who completed 7 years of higher education?(Round coefficient estimates to at least 4 decimal placesand final answer to the nearest whole number.)

Salaryˆ= $

Answer & Explanation Solved by verified expert
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Education XSalary YX    See Answer
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