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2. Data 3-11 contains data on the salary (in thousands of dollars) and the number of years since a Ph.D. (Years) for a sample of

2. Data 3-11 contains data on the salary (in thousands of dollars) and the number of years since a Ph.D. (Years) for a sample of 222 professors at various universities.

Estimate the model( i.e., run the regression):

SALARY = + Years + .

a. What do you expect should the sign of coefficients should be? Explain why you think it is positive or negative.

b. Based on your results, how much does one more year of experience add to the average salary of professors.

c. List other variables that may affect professor salary that you might want to include in this study.d. Based on the Significance F, is the overall regression statistically significant? Explain how you arrived at that conclusion..

e. Is the coefficient of YEARS statistically significant (from zero)? Explain how you arrived at that conclusion..

DATA 3-11:

Salary:

105.2

91.3

72.5

74.3

103.5

117.5

64.2

86.7

81.5

98

91.2

91.3

93.1

83

80

55.9

66

60.6

56.5

53.9

56.5

43.9

48

48

47.9

48.2

55

53

52

100.6

78.2

128.1

100.4

58.1

108.5

75.3

72.2

78.3

66.3

91.3

129

104

55.3

51.3

53

52

55

52.4

128

60.4

78.2

135

78.3

104

108

73

98

97.4

80

72.2

98

75

70

70

65

70

53

55

47.8

51

55

52.5

50.5

50.5

50

84.4

74.6

108.3

82.2

91.5

83.8

80.1

88

81.9

88.6

88.6

75.5

85

100.2

115.2

74

77

80

71.2

74.4

81.5

92.6

122.5

51.9

55.6

41.3

63.3

62.4

70.5

53.5

47.9

45.8

51.9

47.2

87.7

97.8

99.3

77.5

87.5

72.1

92.5

83.2

66.7

107

83.6

68.1

102.8

100.5

67

94.3

114.5

90

87.168

85.5

90

104

76.2

98.5

89

82

62.9

65.7

61.2

78.5

68

64

64.8

69

74

48.7

49.5

50.7

46

50

50.5

50

48.7

126

121

121

121

121

121

121

120.5

116.5

115.7

115.485

114.92

114.5

113.33

112

109.65

107.64

105.155

100

97

95.8

90.045

90

87

85.5

73

60

57.85

54.445

53.5

52.65

51.85

51.75

50.25

50.25

50

50

153

135

121

107.5

103

91

93

83

70

68

66.5

66

82

74

60.5

58

57.5

55

54

54

51

51

51

Years:

36

30

29

29

28

26

26

25

25

23

20

19

19

17

16

12

19

14

10

10

8

8

10

8

8

5

4

3

3

1

29

18

17

30

22

18

14

29

24

33

16

31

13

21

10

10

12

29

14

27

32

15

23

7

2

3

6

3

20

25

13

45

25

30

14

25

23

42

13

34

25

13

7

9

7

9

2

6

9

5

5

2

4

4

3

17

27

37

12

19

25

36

18

22

14

21

27

27

25

35

19

34

35

35

34

16

12

23

14

15

26

6

7

13

26

5

4

8

4

38

37

31

31

31

30

30

27

29

28

27

25

24

24

22

22

22

22

21

21

20

19

19

18

15

12

12

11

10

9

8

8

7

14

11

6

5

4

3

3

2

28

26

37

18

16

28

22

34

28

34

31

40

40

28

17

26

26

44

21

15

27

29

10

6

13

5

9

7

2

2

1

1

28

15

30

25

29

33

18

20

27

21

26

12

20

11

10

11

10

14

7

6

3

4

2

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