1. The following regression model was fit to data from a survey of hourly wage e
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Question
1. The following regression model was fit to data from a survey of hourly wage employees. stack w a g e with hat on top = 20.59 + 0.064 (experience) where wage = hourly wage and experience = years of experience. Suppose the actual value of wage = 20.48 when experience = 5.8. What is the residual, e, to two decimal places?_______
2.
The data set hard_drives_data (click the link to open the Excel file) contains data from a survey on the sizes of external hard drives in terabytes (a terabyte is 1000 gigabytes, by the way) and the price (in dollars) of the hard drive. Using the Data Analysis Toolpak (or, if you happen to know how to use other software), fit the simple linear regression model below to the data:
Write out the fitted model by filling in the slope and y-intercept below. Input your answers to three (3) decimal places.
Explanation / Answer
Actual value = 20.48
Predicted value = 20.59 + 0.064(5.8) = 20.96
Residual = Actual value - Predicted value = 20.48 - 20.96 = -0.48
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