A college is interested in if the year of receiving high-level education (college and above) influences students’ salaries when they join the working field. The college randomly selected 4 students who recently received a full- time work offer and collected their year of receiving high-level education and salary per week. The raw data is: Participant Year of high-level education Salary per week Participant 1 4 1150 Participant 2 5 1300 Participant 3 7 1600 Participant 4 2 750 Plot the scatterplot and label the participants. Calculate the correlation coefficient between the year of high-level education and salary per week. Calculate the regression equation using the year of receiving high-level education to predict the salary per week. If a student graduate from college and graduate school in a total of 6 years, what is this student’s predicted salary per week?
Addition Rule of Probability
It simply refers to the likelihood of an event taking place whenever the occurrence of an event is uncertain. The probability of a single event can be calculated by dividing the number of successful trials of that event by the total number of trials.
Expected Value
When a large number of trials are performed for any random variable ‘X’, the predicted result is most likely the mean of all the outcomes for the random variable and it is known as expected value also known as expectation. The expected value, also known as the expectation, is denoted by: E(X).
Probability Distributions
Understanding probability is necessary to know the probability distributions. In statistics, probability is how the uncertainty of an event is measured. This event can be anything. The most common examples include tossing a coin, rolling a die, or choosing a card. Each of these events has multiple possibilities. Every such possibility is measured with the help of probability. To be more precise, the probability is used for calculating the occurrence of events that may or may not happen. Probability does not give sure results. Unless the probability of any event is 1, the different outcomes may or may not happen in real life, regardless of how less or how more their probability is.
Basic Probability
The simple definition of probability it is a chance of the occurrence of an event. It is defined in numerical form and the probability value is between 0 to 1. The probability value 0 indicates that there is no chance of that event occurring and the probability value 1 indicates that the event will occur. Sum of the probability value must be 1. The probability value is never a negative number. If it happens, then recheck the calculation.
Question 5: A college is interested in if the year of receiving high-level education (college and above) influences students’ salaries when they join the working field. The college randomly selected 4 students who recently received a full- time work offer and collected their year of receiving high-level education and salary per week. The raw data is:
|
Participant |
Year of high-level education |
Salary per week |
|
Participant 1 |
4 |
1150 |
|
Participant 2 |
5 |
1300 |
|
Participant 3 |
7 |
1600 |
|
Participant 4 |
2 |
750 |
- Plot the
scatterplot and label the participants.
- Calculate the
correlation coefficient between the year of high-level education and salary per week.
- Calculate the regression equation using the year of receiving high-level education to predict the salary per week.
- If a student graduate from college and graduate school in a total of 6 years, what is this student’s predicted salary per week?
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