Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The least-squares regression equation is = 681.7x+15,878 where y is the median income and x is the percentage of 25 years and older with

image text in transcribed

The least-squares regression equation is = 681.7x+15,878 where y is the median income and x is the percentage of 25 years and older with at least a bachelor's degree in the region. The scatter diagram indicates a linear relation between the two variables with a correlation coefficient of 0.7631. Complete parts (a) through (d). Median Income 55000 20000+ 15 20 25 30 35 40 45 50 55 60 Bachelor's % Q (a) Predict the median income of a region in which 30% of adults 25 years and older have at least a bachelor's degree. (Round to the nearest dollar as needed.) (b) In a particular region, 27.2 percent of adults 25 years and older have at least a bachelor's degree. The median income in this region is $31,151. Is this income higher than what you would expect? Why? This is than expected because the expected income is $ (Round to the nearest dollar as needed.) (c) Interpret the slope. Select the correct choice below and fill in the answer box to complete your choice. (Type an integer or decimal. Do not round.) A. For a median income of $0, the percent of adults with a bachelor's degree is %. B. For every dollar increase in median income, the percent of adults having at least a bachelor's degree is C. For 0% of adults having a bachelor's degree, the median income is predicted to be $ %, on average. D. For every percent increase in adults having at least a bachelor's degree, the median income increases by $ on average. (d) Explain why it does not make sense to interpret the y-intercept. Choose the correct answer below. A. It does not make sense to interpret the y-intercept because an x-value of 0 does not make sense. B. It does not make sense to interpret the y-intercept because a y-value of 0 does not make sense. C. It does not make sense to interpret the y-intercept because an x-value of 0 is outside the scope of the model. OD. It does not make sense to interpret the y-intercept because a y-value of 0 is outside the scope of the model.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Making Hard Decisions with decision tools

Authors: Robert Clemen, Terence Reilly

3rd edition

538797576, 978-0538797573

More Books

Students also viewed these Mathematics questions

Question

Find the median for the set of measurements 2, 9, 11, 5, 6, 27.

Answered: 1 week ago