A statistician wants to see if there is a relationship between Salary and Age, where Salary is measured in thousands of dollars and Age is measured in years. She produces the regression equation Age = 18.71 + 0.972(Salary) and obtains an R-squared value of 0.152. (a) Interpret the slope of her regression line. The slope does not have a practical interpretation here.When the variable Salary increases by 1 thousand dollars, we predict Age to increase by 0.972 years on average. When Salary equals 0, we should expect the person to have an Age of 18.71 years.When Salary equals 0, we should expect the person to have an Age of 0.972 years.When the variable Salary increases by 1 thousand dollars, we predict Age to increase by 18.71 years on average.When the variable Age increases by 1 year, we predict Salary to increase by 0.972 thousands of dollars on average. (b) Interpret her R-squared: The correlation between Age and Salary is 0.152, indicating a weak positive relationship.When we change Salary, we expect Age to change by about 15.2%. 15.2% of the variation we observe in Age can be explained by the model.15.2% of the variation we observe in Salary can be explained by the model. (c) Suppose someone with a Salary of 77 thousands of dollars had an Age of 79 years. What is the residual for this person? (3 decimal places)

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Related questions

Concept explainers

Question

A statistician wants to see if there is a relationship between Salary and Age, where Salary is measured in thousands of dollars and Age is measured in years. She produces the regression equation

Age = 18.71 + 0.972(Salary)

and obtains an R-squared value of 0.152.

(a) Interpret the slope of her regression line.

The slope does not have a practical interpretation here.When the variable Salary increases by 1 thousand dollars, we predict Age to increase by 0.972 years on average. When Salary equals 0, we should expect the person to have an Age of 18.71 years.When Salary equals 0, we should expect the person to have an Age of 0.972 years.When the variable Salary increases by 1 thousand dollars, we predict Age to increase by 18.71 years on average.When the variable Age increases by 1 year, we predict Salary to increase by 0.972 thousands of dollars on average.

(b) Interpret her R-squared:

The correlation between Age and Salary is 0.152, indicating a weak positive relationship.When we change Salary, we expect Age to change by about 15.2%. 15.2% of the variation we observe in Age can be explained by the model.15.2% of the variation we observe in Salary can be explained by the model.

(c) Suppose someone with a Salary of 77 thousands of dollars had an Age of 79 years. What is the residual for this person? (3 decimal places)

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Correlation, Regression, and Association$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.

Similar questions