Suppose the following data were collected from a sample of 15 CEOs relating annual salary to...
Suppose the following data were collected from a sample of 15 CEOs relating annual salary to years of experience and the economic sector their company belongs to. Which of the following is the best equation to use relating salary to experience and business sector?
| Salary | Experience | Service (1 if service sector, 0 otherwise) | Industrial (1 if industrial sector, 0 otherwise) | Financial (1 if financial sector, 0 otherwise) |
|---|---|---|---|---|
| 154800154800 | 2020 | 11 | 00 | 00 |
| 151462151462 | 1717 | 00 | 11 | 00 |
| 190295190295 | 2020 | 00 | 00 | 11 |
| 155025155025 | 2222 | 11 | 00 | 00 |
| 166605166605 | 1212 | 00 | 00 | 11 |
| 161412161412 | 2727 | 11 | 00 | 00 |
| 143000143000 | 99 | 00 | 11 | 00 |
| 150850150850 | 22 | 00 | 00 | 11 |
| 136050136050 | 77 | 00 | 11 | 00 |
| 166806166806 | 1313 | 00 | 00 | 11 |
| 142188142188 | 1111 | 11 | 00 | 00 |
| 204612204612 | 2626 | 00 | 00 | 11 |
| 148475148475 | 1515 | 11 | 00 | 00 |
| 150000150000 | 1616 | 00 | 11 | 00 |
| 162375162375 | 2525 | 00 | 11 | 00 |
SALARYi=b0+b1INDUSTRIALi+b2FINANCIALi+b3SERVICEi+ei
SALARYi=b1INDUSTRIALi+b2FINANCIALi+b3SERVICEi+ei
SALARYi=b0+b1EXPERIENCEi+b2INDUSTRIALi+b3FINANCIALi+b4SERVICEi+ei
SALARYi=b1EXPERIENCEi+b2INDUSTRIALi+b3FINANCIALi+ei
Homework Answers
SALARYi = b0 + b1 EXPERIENCEi + b2 INDUSTRIALi + b3 FINANCIALi + b4 SERVICEi + ei
Because we have 4 variables, hence we would require 4 regression coefficients + 1 intercept + 1 error term.
The 4 regression coefficients correspond to experience and the 3 economic sectors.
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sector their company belongs to. Use statistical software to find
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