1) Does money buy happiness? Below is an OLS regression model predicting an individual's level of happiness. Given the following regression outputs, answer the questions below. The descriptive statistics for the variables are also provided. Dependent Variable (DV) Happy Measures happiness from very happy (1) to completely unhappy (7) *note that higher values measure less happiness Independent Variables (IV) Income Total family income measured in 1000s of dollars, coded into 1,000 increments 1=1,000 or less 2=1,000-2,999 3=3,000-3,999 4=4,000-4,999 5=5,000-5,999 6-6,000-6,999 7=7,000-7,999 8=8,000-9,999 9-10,000-14,999 10-15,000-19,999 11=20,000-24,9999 12=25,000 or more White Binary variable indicating respondent's race as white (1) or other (0) Male Binary variable indicating respondent's race as Male (1) or other (0) Straight Binary variable indicating respondent's sexual orientation as straight (1) or other (0) Citizen Binary variable indicating respondent's citizenship as citizen (1) or not (0). Descriptive Statistics Variable N Min Max Mean Std. Dev. Happy 2,444 1 7 2.488134.988401 Income 56,488 0 12 10.06855 2.835886 White 64,8140 1 .8028049.3978839 Male 64,814 0 1 .4414787.4965673 Straight 64,8140 1 .1575586.3643294 Citizen 64,8140 1 .013963 .1173383 Model #1: The Reduced Model ANOVA Model Sum of Squares df Mean Square F Sig. Regression 26.6269906 1 26.6269906 28.86 0.000 Residual 2049.05272 2,221.922581144 Total 2075.67971 2,222.934149285 Model Coefficients B Std. Error t Sig. (Constant) 3.008674.0088026 30.74 0.000 Income -.04729 0978752 -5.37 0.000 1. Write out the regression equation based on the values in the output. Please round your coefficients to 3 decimal places. y=3.009-.047x 2. Interpret the intercept (i.e., Constant). The intercept is the expected value of the response variable when all predictors equal zero. In this case, the expected value of happiness is 3.009 when the predictor (income) is 0. 3. Interpret the coefficient for income. Are these relationships positive or negative? The scale decreases by 0.047 for every additional income unit earned. In other words, people are more happy for each additional income unit earned. This is a negative relationship. (the scale runs from very happy (1) to completely unhappy (7), so lower values indicate more happiness) 4. What is the predicted level of happiness for people who make take jobs for people who make between $3,000-3,999? Check codebook above - value for this income group is 3. y=3.009-.047(3)=2.868 5. What is the predicted level of happiness for people who make take jobs for people who make between $25,000 or more? Check codebook above - value for this income group is 12.