Social researchers are interested in the relationship between income and happiness. You survey 500 people whose...

Transcribed Image Text:

Social researchers are interested in the relationship between income and happiness. You survey 500 people whose incomes range from $15,000 to $75,000 and ask them to rank their happiness. Income (x) is in $10,000 units and happiness(y) is on the scale of 1 to 10. You generate the following statistics using the survey data and they are shown below. y = 0.7138(x) + 0.2043 Correlation coefficient = .8656 Coefficient of Determination = 0.7493 1. Is income a good indicator of happiness? Explain. (2 points) 2. Tell me three more things about the relationship between income and happiness, using the statistics noted above. (3 points) LICE Standard Error of Estimate = 6.503 Social researchers are interested in the relationship between income and happiness. You survey 500 people whose incomes range from $15,000 to $75,000 and ask them to rank their happiness. Income (x) is in $10,000 units and happiness(y) is on the scale of 1 to 10. You generate the following statistics using the survey data and they are shown below. y = 0.7138(x) + 0.2043 Correlation coefficient = .8656 Coefficient of Determination = 0.7493 1. Is income a good indicator of happiness? Explain. (2 points) 2. Tell me three more things about the relationship between income and happiness, using the statistics noted above. (3 points) LICE Standard Error of Estimate = 6.503

Answer rating: 100% (QA)

The image presents a scenario where social researchers are studying the relationship between income and happiness A survey of 500 people has been cond... View the full answer