How much does education affect wage rates? Use the following data to develop an
ID: 1099021 • Letter: H
Question
How much does education affect wage rates? Use the following data to develop an estimated regression equation that could be used to predict the WAGE for a given number of years of education.y x
WAGE EDUC
18.70 16
11.50 12
15.04 16
25.95 14
24.03 12
20.00 12
53.84 16
25.00 12
28.85 16
16.83 13
14.80 12
43.25 16
19.23 12
14.00 14
8.00 12
57.70 21
20.00 12
20.83 18
22.00 11
68.75 14
10.50 12
9.88 13
10.96 12
8.25 13
14.86 18
4 The numerator of the formula to compute the slope coefficient of the regression equation is ________.
Use Excel!!
a 360.33
b 460.33
c 560.33
d 660.33
5 The estimated regression equation predicts that the expected wage rate for a person with 16 years of education is ______.
a $29.45
b $27.45
c $25.45
d $23.45
6 In the sample, the observed wage data deviate from the predicted wage, on average, by $ ________. a 12.35
b 13.35
c 14.35
d 15.35
7 What proportion of the variations in wage can be explained by education?
a 0.1862
b 0.2262
c 0.3462
d 0.4562
8 The standard error of the slope coefficient is ______.
a 3.1606
b 2.1606
c 1.1606
d 0.9606
9 The 95% confidence interval for the population slope parameter is:
a 1.81 4.21
b 1.41 4.61
c 1.01 5.01
d 0.61 5.41
10 To test, at a 5% level of significance, the hypothesis H?: ?? = 0 versus H?: ?? ? 0, the t test statistic is
|t| = ______.
a 2.593 Reject the null hypothesis.
b 2.935 Reject the null hypothesis.
c 3.277 Reject the null hypothesis.
d 3.619 Reject the null hypothesis.
How much does education affect wage rates? Use the following data to develop an estimated regression equation that could be used to predict the WAGE for a given number of years of education.
y x
WAGE EDUC
18.70 16
11.50 12
15.04 16
25.95 14
24.03 12
20.00 12
53.84 16
25.00 12
28.85 16
16.83 13
14.80 12
43.25 16
19.23 12
14.00 14
8.00 12
57.70 21
20.00 12
20.83 18
22.00 11
68.75 14
10.50 12
9.88 13
10.96 12
8.25 13
14.86 18
4 The numerator of the formula to compute the slope coefficient of the regression equation is ________.
Use Excel!!
a 360.33
b 460.33
c 560.33
d 660.33
5 The estimated regression equation predicts that the expected wage rate for a person with 16 years of education is ______.
a $29.45
b $27.45
c $25.45
d $23.45
6 In the sample, the observed wage data deviate from the predicted wage, on average, by $ ________. a 12.35
b 13.35
c 14.35
d 15.35
7 What proportion of the variations in wage can be explained by education?
a 0.1862
b 0.2262
c 0.3462
d 0.4562
8 The standard error of the slope coefficient is ______.
a 3.1606
b 2.1606
c 1.1606
d 0.9606
9 The 95% confidence interval for the population slope parameter is:
a 1.81 4.21
b 1.41 4.61
c 1.01 5.01
d 0.61 5.41
10 To test, at a 5% level of significance, the hypothesis H?: ?? = 0 versus H?: ?? ? 0, the t test statistic is
|t| = ______.
a 2.593 Reject the null hypothesis.
b 2.935 Reject the null hypothesis.
c 3.277 Reject the null hypothesis.
d 3.619 Reject the null hypothesis.
Explanation / Answer
4. numerator of the formula to compute the slope coefficient of the regression equation is = 460.33
5. stimated regression equation predicts that the expected wage rate for a person with 16 years of education is =$29.45
6. the observed wage data deviate from the predicted wage, on average, by $=14.35
7. proportion of the variations in wage can be explained by education = 0.2262
8. standard error of the slope coefficient is= 1.1606
9. 95% confidence interval for the population slope parameter is = (0.61, 5.41)
10. at a 5% level of significance, the hypothesis H?: ?? = 0 versus H?: ?? ? 0, the t test statistic is= 2.593, Reject the null hypothesis.
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