A social scientist would like to analyze the relationship between educational at
ID: 3313049 • Letter: A
Question
A social scientist would like to analyze the relationship between educational attainment and salary. He collects the following sample data, where '"Education" refers to years of higher education and "Salary" is the individual's annual salary in thousands of dollars: Education Salary 4 6 4 8 0 S51 46 55 46 60 45 107 35 Click here for xcel Data File a. Find the sample regression equation for the model. Salary-Ag + | Education + . (Round your intermediate calculations to 4 decimal places. Enter your answers in thousands rounded to2 decimal places.) Salary Education b. Interpret the coefficient of education. As Education increases by 1 unit, an individual's annual salary is predicted to decrease by $7,500 As Education increases by 1 unit, an individual's annual salary is predicted to increase by $8,500 As Education increases by 1 unit, an individual's annual salary is predicted to increase by $7,500 As Education increases by 1 unit, an individual's annual salary is predicted to decrease by $8,500 c. What is the predicted salary for an individual who completed 9 years of higher education? (Round intermediate coefficient values to 2 decimal places and final answer, in dollars, to the nearest whole number.) SalaryExplanation / Answer
minitab output
Regression Analysis: salary versus education
Analysis of Variance
Source DF Adj SS Adj MS F-Value P-Value
Regression 1 2362.50 2362.50 13.61 0.010
education 1 2362.50 2362.50 13.61 0.010
Error 6 1041.38 173.56
Lack-of-Fit 5 1040.88 208.18 416.35 0.037
Pure Error 1 0.50 0.50
Total 7 3403.88
Model Summary
S R-sq R-sq(adj) R-sq(pred)
13.1743 69.41% 64.31% 12.62%
Coefficients
Term Coef SE Coef T-Value P-Value VIF
Constant 25.63 9.37 2.73 0.034
education 7.50 2.03 3.69 0.010 1.00
Regression Equation
salary = 25.63 + 7.50 education
Fits and Diagnostics for Unusual Observations
Std
Obs salary Fit Resid Resid
7 107.00 85.63 21.38 2.31 R
R Large residual
a)
salary = 25.63 + 7.50 education
b)
an education increases by 1 unit,salary increased by 7500
c)
salary = 25.63 + 7.50 education
edu=9
salary = 25.63 + 7.50*9
=93.13
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