PLEASE HELP ANSWER #4 Salary AgeEmployees Supervised S137,624.14 40 $121,427.853

Question

PLEASE HELP ANSWER #4

Salary AgeEmployees Supervised S137,624.14 40 $121,427.8535 129,698.40 54 S129,236.51 47 5143,318.11 49 S125,504.59 55 S146,765.01 50 127,260.60 56 5140,695.97 46 S143,647.16 43 5115,120.62 57 S134,346.35 57 5135,158.38 48 127,784.69 57 $139,108.7552 5146,236.83 46 5124,124.40 36 S132,625.07 43 S134,22946 35 117,669.48 58 S132,578.73 48 S139,453.55 56 134,417.38 37 S122,653.40 56 $127,997.92 36 137,109.90 44 130,722.02 36 117,623.28 50 5123,194.16 43 S137,173.84 52 S131,408.94 38 The following data are the results from an annual survey on the salaries of managers in the state of NJ. Besides the annual salary reported by the manager you also have the age of the manager at the time of the survey and the number of employees said manager directly supervises Assume the samples are representative of the population of NJ managers 550 485 518 516 573 502 587 509 562 574 460 537 540 511 556 584 496 530 536 470 530 Using multiple regression analysis to estimate the annual salaries: 1. Test for the overall and individual relationships at the 0.01 level of significance. Int t the results 8 pts.] 2. What should be your equation to estimate the annual salary? Explain your answer 8 pts.] 3. Interpret the coefficients of your equation 8 pts.] 4. What is the expected annual salary f a manager that supervises an and it is 55 of 400 employees 537 490 511 548 average s old? 8 pts.] 470 492 548 525 5. What is the expected annual salary for a manager that supervises an and it is 35 years old? Interpret results from 5 & 4 average of 400 employees 8 pts.] 6. Interpret the coefficient of determination of your regression analysis 8 pts.]

Explanation / Answer

4)

Using excel we get the regression output as :

From this output we write regression equation as:

Salary = 408.343927 + (-4.062891528)*Age + 249.8584252* Employees Supervised

We have to find annual salary for a manager that supervises an average of 400 employees and it is 55 years old.

Hence, Salary = 408.343927 + (-4.062891528)*55 + 249.8584252* 400

Salary = 100128.255.

Therefore, expected annual salary for a manager that supervises an average of 400 employees and it is 55 years old is $100,128.255

SUMMARY OUTPUT Regression Statistics Multiple R 0.99997406 R Square 0.999948121 Adjusted R Square 0.999944415 Standard Error 62.7550972 Observations 31 ANOVA df SS MS F Significance F Regression 2 2125404256 1.06E+09 269844.5 1.02303E-60 Residual 28 110269.6623 3938.202 Total 30 2125514525 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0% Intercept 408.343927 202.1019643 2.020485 0.052991 -5.643174551 822.331029 -5.6431746 822.3310286 Age -4.062891528 1.494498876 -2.71856 0.011127 -7.124233657 -1.0015494 -7.1242337 -1.001549398 Employees Supervised 249.8584252 0.342913905 728.6331 1.92E-61 249.1559979 250.560852 249.155998 250.5608525

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.