SUMMARY OUTPUT Regression Statistics Multiple R 0.195389 R Square 0.038177 Adjusted R Square 0.037333 Standard Error 13.69067 Observations 1142 ANOVA df SS MS F Significance F Regression 1 8481.255 8481.255 45.2492 2.74E-11 Residual 1140 213675.2 187.4344 Total 1141 222156.4 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept 40.19631 0.596741 67.35967 0 39.02547 41.36714 39.02547 41.36714 X...

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Question

Statistics

SUMMARY OUTPUT
Regression Statistics
Multiple R
0.195389
R Square
0.038177
Adjusted R Square
0.037333
Standard Error
13.69067
Observations
1142
ANOVA
df
SS
MS
F
Significance F
Regression
1
8481.255
8481.255
45.2492
2.74E-11
Residual
1140
213675.2
187.4344
Total
1141
222156.4
Coefficients
Standard Error
t Stat
P-value
Lower 95%
Upper 95%
Lower 95.0%
Upper 95.0%
Intercept
40.19631
0.596741
67.35967
0
39.02547
41.36714
39.02547
41.36714
X Variable 1
7.31E-05
1.09E-05
6.726752
2.74E-11
5.18E-05
9.45E-05
5.18E-05
9.45E-05
Discuss the statistical significance of the model as wholeusing the appropriate regression statistic at a 95% level ofconfidence.
Discuss the statistical significance of the coefficient for theindependent variable using the appropriate regression statistic ata 95% level of confidence.
Interpret the coefficient for the independent variable.
What percentage of the observedvariation in a personâ€™s income is explained by the model?
Predict the value of a personâ€™s income who is 45 years old,using this regression model.

Answer & Explanation Solved by verified expert

3.6 Ratings (383 Votes)

b From the ANOVA table given above value of Fstatistics is 452492 and have Pvalue 274E11Therefore at a 95 level of confidence our level of significance 5 that is 005 Hence Pvalue 274e11 005 We reject H0 See Answer

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SUMMARY OUTPUT

Regression Statistics
Multiple R	0.195389
R Square	0.038177
Adjusted R Square	0.037333
Standard Error	13.69067
Observations	1142

ANOVA
	df	SS	MS	F	Significance F
Regression	1	8481.255	8481.255	45.2492	2.74E-11
Residual	1140	213675.2	187.4344
Total	1141	222156.4

	Coefficients	Standard Error	t Stat	P-value	Lower 95%	Upper 95%	Lower 95.0%	Upper 95.0%
Intercept	40.19631	0.596741	67.35967	0	39.02547	41.36714	39.02547	41.36714
X Variable 1	7.31E-05	1.09E-05	6.726752	2.74E-11	5.18E-05	9.45E-05	5.18E-05	9.45E-05