Assume Y= salary, X1 = years of education and X2 = years of experience. Write th

Question

Assume Y= salary, X1 = years of education and X2 = years of experience. Write the multivariate regression equation showing that everyone will make $30K regardless of education or experience, will make $1K less for every year of education, and $5K more for every year of experience. Assume Y= salary, X1 = years of education and X2 = years of experience. Write the multivariate regression equation showing that everyone will make $30K regardless of education or experience, will make $1K less for every year of education, and $5K more for every year of experience. Assume Y= salary, X1 = years of education and X2 = years of experience. Write the multivariate regression equation showing that everyone will make $30K regardless of education or experience, will make $1K less for every year of education, and $5K more for every year of experience.

Explanation / Answer

Answer:

Y = $30K - $1K X1 + $ 5K X2

Salary = $30K regardless of education or experience - $1K less for every year of education + $5K more for every year of experience.

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