Using CrunchIt, print out and attach the regression output using the Chapter 10 Exercise 01 data set. The independent variable is years of education attained (EDUC); the dependent variable is income (INC), which is measured in dollars.
(This is the regression output I got from the data)
a. Based on your regression output, is the coefficient on EDUC statistically different from 0 at the 1% level? Why?
b. Calculate the predicted value for INC when EDUC=10.
Homework Answers
a. As the P-value = 0.007685 < 0.01=1%, we reject H0.
That is, there is sufficient evidence to conclude that coefficient on EDUC statistically different from 0 at the 1% level.
b. INC = -0.0003093+4781*10 = 47809.9996907
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