Now more than ever, a degree matters, according to an upstate New York college advertisement in the

€œNow more than ever, a degree matters,€ according to an upstate New York college advertisement in the May 31, 2009, Democrat and Chronicle.The following statistics from the U.S. Bureau of Labor Statistics were presented on median usual weekly earnings.

a. Construct a scatter diagram with the years of schooling as the independent variable, x, and the median usual weekly earnings as the dependent variable, y.
b. Does there seem to be a linear relationship? Why?
c. Calculate the linear correlation coefficient.
d. Does the value of r seem reasonable compared with the pattern demonstrated in the scatter diagram? Explain.
e. Find the equation of the line of best fit.
f. Interpret the slope of the equation.
g. Plot the line of best fit on the scatter diagram. h. What is the y-intercept for the equation? Interpret its meaning in this application.

Transcribed Image Text:

Amount of Schooling less than g school dioloma High school graduate, no college Bachelor's degree Advanced degree Median Usual Weekly Earnings 453 $618 $1115 $1287 Years of Schooling 10 12 16 18