Help on statistics
A social scientist would like to analyze the relationship between educational attainment (in years of higher education) and annual salary (in $19003). He collects data on 20 individuals. A portion of the data is as follows: salary Education 3 5 5 5 9 5 3 7 u ' 3 Click here for the Excel Data File 3. Find the sample regression equation for the model: Salary = 30 + lEducation + a. (Round answers to 2 decimal places.) A Salary = |:| + |:| Education b. Interpret the coefcient for Education. 0 As Education increases by 1 year, an individual's annual salary is predicted to decrease by $3,870. 0 As Education increases by 1 year, an individual's annual salary is predicted to increase by $3,590. 0 As Education increases by 1 year, an individual's annual salary is predicted to decrease by $8,590. 0 As Education increases by 1 year, an individual's annual salary is predicted to increase by $3,870. c. What is the predicted average salary for individuals who complete 9 years of higher education? (Round coefficient estimates to at least 4 decimal places and final answer to the nearest whole number.) SEE-y $|:| The accompanying table shows a portion of data consisting of the selling price, the age, and the mileage for 20 used sedans. Selling Price Age Miles 13, 604 7 61, 459 13, 831 54, 341 11, 951 42 , 432 Click here for the Excel Data File a. Determine the sample regression equation that enables us to predict the price of a sedan on the basis of its age and mileage. (Negative values should be indicated by a minus sign. Round your answers to 2 decimal places.) Price Age + Miles. b. Interpret the slope coefficient of Age. The slope coefficient of Age is -384.22, which suggests that for every additional year of age, the predicted price of a sedan decreases by $384.22. The slope coefficient of Age is -0.09, which suggests that for every additional year of age, the predicted price of a sedan decreases by $0.09. The slope coefficient of Age is -384.22, which suggests that for every additional year of age, the predicted price of a sedan decreases by $384.22, holding number of miles constant. The slope coefficient of Age is -0.09, which suggests that for every additional year of age, the predicted price of a sedan decreases by $0.09, holding number of miles constant. c. Predict the selling price of a eight-year-old sedan with 66,000 miles. (Keep at least 4 decimal places in all intermediate calculations. Give your final answer correct to 2 decimal places.) Price $Salary Education 35 5 59 5 83 51 W UT LO 74 74 111 6 59 O 0 25 6 P 35 N 95 W 46 6 4 66 4 5 61 1 151 6 61 86 00 ON D O 65 O 127 P 37 21 Selling Price Age Miles 2 13604 61459 13831 54341 22923 8272 15260 1 24816 16417 4 22129 16644 6 23702 16920 47363 18436 16844 18832 7 35377 19848 6 29619 11820 10 55762 VOUAWNHOW 14967 3 46188 15910 7 36953 16453 2 45486 9464 10 86863 12961 5 77264 15765 7 59616 10470 10 93275 8948 8 48221 11951 42432
