A biotechnology company wants to be sure that education level is rewarded by higher salary, and obtains
Question:
A biotechnology company wants to be sure that education level is rewarded by higher salary, and obtains the following table of average salary for number of years of formal education ranging from 12 to 20 years:
Years of Education Average Salary ($)
12.........................................................................29,785
13.........................................................................33,167
14.........................................................................39,702
15.........................................................................42,322
16.........................................................................50,987
17.........................................................................56,238
18.........................................................................70,125
19.........................................................................85,005
20.......................................................................105,720
a) Draw a scatterplot of the data.
b) Use logarithms to re-express one of the variables in order to make the relationship more linear.
c) Draw a scatterplot of the re-expressed data.
Step by Step Answer:
Business Statistics
ISBN: 9780133899122
3rd Canadian Edition
Authors: Norean D. Sharpe, Richard D. De Veaux, Paul F. Velleman, David Wright