Answered step by step
Verified Expert Solution
Question
1 Approved Answer
In a bivariate regression analysis examining the effect of years of education on average income, the resulting equation produced for the best-fitting OLS resgression line
In a bivariate regression analysis examining the effect of years of education on average income, the resulting equation produced for the best-fitting OLS resgression line is: Average income = -68,381 + (9,175 years of education) What statement best describes these results? Group of answer choices Workers with a college degree have an average yearly income greater than $90,000. The relationship between income and education is bimodal. Each worker's average yearly income increases at different rates, even when two individuals have the same years of education. Each additional year of education increases a worker's average yearly income by approximately $9,175
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started