Problem set 5: use the following information to answer questions 16-19 (5 points total):

Calculate the Y-intercept, a, of the regression equation using the following information: (1 pt)

Mean number of years of schooling: 15

Mean monthly income: $5,500

Slope, b, of the regression equation: $280

Consider the following linear regression prediction equation: Y = 6 - 1x. If x = 4, what is the predicted value of, Y, for this observation (1 pt)?

Consider the following linear regression prediction equation: Y = 6 - 1x. If the predicted value of, Y, for an observation is 4, calculate the residual for an observation where the observed value, Y, is equal to 8 (1 pt)?

What are the four assumptions of ANOVA (2 pts)?

What is the five steps in hypothesis testing using ANOVA (EXTRA 5 pts)?