Question

1· The following data shows the yearly income (in $1,000) and age of a sample of seven individuals. Income (in $1,000) 20 24 24 25 26 27 34 Age 18 23 34 24 27 29 a. Develop the least squares regression equation b. Estimate the yearly income of a 30-year-old individual. Coments on the coefficient of determination (R Square). c. d. Use a t test to determine whether the slope is significantly different from zero. Let a 0.05.
0 0
Add a comment Improve this question Transcribed image text
Answer #1

a. 次re 2 As 9 21.4s

Add a comment
Know the answer?
Add Answer to:
1· The following data shows the yearly income (in $1,000) and age of a sample of...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • A multiple regression analysis between yearly income (Y in $1,000s), college grade point average (X1), age...

    A multiple regression analysis between yearly income (Y in $1,000s), college grade point average (X1), age of the individuals (X2), and the gender of the individual (X3; zero representing female and one representing male) was performed on a sample of 10 people, and the following results were obtained. Coefficient                  Standard Error Constant                                              4.0928                         1.4400 X1                                                       10.0230                       1.6512 X2                                                       0.1020                         0.1225 X3                                                       -4.4811                        1.4400 Analysis of Variance Source                         DoF                 SoS                  MS                  F Regression ? 360.59...

  • Develop a scatter plot with HRS1 (how many hours per week one works) as the dependent variable and age as the independe...

    Develop a scatter plot with HRS1 (how many hours per week one works) as the dependent variable and age as the independent variable. Include the estimated regression equation and the coefficient of determination on your scatter plot. Does there appear to be a relationship between these variables (HRS1 and age)? Briefly explain and justify your answer. Calculate the slope (b1) and intercept (b0) coefficients and use them to develop an estimated regression equation that can be used to predict HRS1...

  • 7. Multiple regression analysis is used to study how an individual's income (y, in thousands of...

    7. Multiple regression analysis is used to study how an individual's income (y, in thousands of dollars) is influenced by age (x1, in years), level of education (22, ranging from 1 to 5), and the individual's gender (23, where 0 = female and 1 = male). The following shows parts of the regression output for a sample of 20 individuals. 21 Variable Coefficient 0.63 0.92 -0.51 S Sres = 112, SSexp = 84 Standard Error 0.09 0.19 0.92 23 (a)...

  • Exhibit 15-8 The following estimated regression model was developed relating yearly income (y in $1000s) of...

    Exhibit 15-8 The following estimated regression model was developed relating yearly income (y in $1000s) of 30 individuals with their age (x1) and their gender (xx) (o if O male and 1 if female). 9 - 30 +0.73 +372 Also provided are SST - 1200 and SSE - 384. The multiple coefficient of determination is . O 6.32 O c.so

  • a. Use t and F to test for a significant relationship between HRS1 and age. Use...

    a. Use t and F to test for a significant relationship between HRS1 and age. Use α = 0.05 and make sure you know what hypotheses you are using to conduct the significance tests.[3.5 points] b. Calculate and interpret the coefficient of determination R2. Based on this R2, did the estimated regression equation provide a good fit? Briefly justify your answer. Hint: If you used Excel Regression Tool to answer part c, R2was reported with your output.  [2.5 points] Use the...

  • a. Develop a scatter plot with HRS1 (how many hours per week one works) as the...

    a. Develop a scatter plot with HRS1 (how many hours per week one works) as the dependent variable and age as the independent variable. Include the estimated regression equation and the coefficient of determination on your scatter plot. [ 1.5 points] b. Does there appear to be a relationship between these variables (HRS1 and age)? Briefly explain and justify your answer.[ 1 point] c. Calculate the slope (b1) and intercept (b0) coefficients and use them to develop an estimated regression...

  • 1. A multiple regression analysis between yearly income (Y in $1,000s), college grade point average (X1),...

    1. A multiple regression analysis between yearly income (Y in $1,000s), college grade point average (X1), age of the individuals (X2), and the gender of the individual (X3; zero representing female and one representing male) was performed on a sample of ten students, and the following results were obtained:    Coefficients Standard Error p-value Intercept 4.0928 1.4400 X1 10.0230 1.6512 X2 0.1020 0.1225 X3 ‐4.4811 1.4400    ANOVA DF SS MS Regression 360.59 Residual error 23.91   a. Write the regression...

  • a. Develop a scatter plot with HRS1 (how many hours per week one works) as the...

    a. Develop a scatter plot with HRS1 (how many hours per week one works) as the dependent variable and age as the independent variable. Include the estimated regression equation and the coefficient of determination on your scatter plot. [ 1.5 points] b. Does there appear to be a relationship between these variables (HRS1 and age)? Briefly explain and justify your answer.[ 1 point] c. Calculate the slope (b1) and intercept (b0) coefficients and use them to develop an estimated regression...

  • The following data represent a company's yearly sales volume and its advertising expenditure over a period...

    The following data represent a company's yearly sales volume and its advertising expenditure over a period of 8 years. Develop a scatter diagram of sales versus advertising and explain what it shows regarding the relationship between sales and advertising. Make sure your axes are labeled and that you have the axes correct (notice that x and y are above the labels). The graph should have a title that mentions the two variables. Use the method of least squares to compute...

  •         Table: Insurance Claim Approval Times (days)     Old Process New Process Week Elapsed Time Week...

            Table: Insurance Claim Approval Times (days)     Old Process New Process Week Elapsed Time Week Elapsed Time 1 31.7 13 29 2 27 14 25.8 3 33.8 15 34 4 30 16 26 5 32.5 17 29 6 34 18 25.6 7 36 19 29 8 31 20 22.4 9 29 21 28.5 10 29 22 23 11 38.6 23 24 12 39.3 24 23 Use the date in table above and answer the following questions in the space...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT