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Use the provided output to solve the problem: Calculate a 95% confidence interval for the mean wage (in thousands of dollars) of union members with
Use the provided output to solve the problem:
Calculate a 95% confidence interval for the mean wage (in thousands of dollars) of union members with 10 years of service.
Mean Wage = 70.48333
Regression Output:
Simple linear regression results:
Dependent Variable: Wages Independent Variable: LOS Wages = 43.898554 + 0.059247663 LOS Sample size: 58 R (correlation coefficient) = 0.30409097 R-sq = 0.092471321 Estimate of error standard deviation: 9.6517109
Parameter estimates:
Parameter | Estimate | Std. Err. | Alternative | DF | T-Stat | P-value |
---|---|---|---|---|---|---|
Intercept | 43.898554 | 2.1319695 | 0 | 56 | 20.590611 | <0.0001 |
Slope | 0.059247663 | 0.02480298 | 0 | 56 | 2.3887317 | 0.0203 |
Analysis of variance table for regression model:
Source | DF | SS | MS | F-stat | P-value |
---|---|---|---|---|---|
Model | 1 | 531.54904 | 531.54904 | 5.7060389 | 0.0203 |
Error | 56 | 5216.7093 | 93.155523 | ||
Total | 57 | 5748.2583 |
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