### Study on the Relationship Between Education and Yearly Income in Californians Over 30A survey is conducted on 700 Californians older than 30 years of age. The study aims to obtain inference on the relationship between years of education and yearly income in dollars. The response variable is income in dollars, and the explanatory variable is years of education.A simple linear regression model is fit, and the output from R is below:```Rlm(formula = Income ~ Education, data = CA)```**Coefficients:**| | Estimate | Std. Error | t value | Pr(>|t|) ||--------------|----------|------------|---------|---------------------|| (Intercept) | 25200.25 | 1488.94 | 16.93 | 3.08e-10 *** || Education | 2905.35 | 112.61 | 25.80 | 1.49e-12 *** |**Additional Model Information:**- **Residual standard error:** 32400 on 698 degrees of freedom- **Multiple R-squared:** 0.7602**Explanation of Results:**- **Intercept (25200.25):** This is the estimated income (in dollars) for a person with zero years of education.- **Education (2905.35):** This coefficient indicates the increase in yearly income (in dollars) for each additional year of education. In this case, each additional year of education corresponds to an increase of approximately $2905.35 in yearly income. **Significance Codes:**The significance codes indicate the statistical significance of the coefficients. Generally, the smaller the p-value, the stronger the evidence against the null hypothesis, suggesting that the coefficient is not zero and the variable has a meaningful impact on the response variable.- '***': p-value < 0.001 : Highly significant **Question:**Assume someone can have 0 years of education. Does the intercept have a useful interpretation? And if so, what is that interpretation?**Answer Options:**1. ( ) No useful interpretation.2. ( ) Yes, it is the estimated expected income of someone with 1 year of education.3. ( ) Yes, it is the estimated expected income of someone with 0 years of education.4. ( ) Yes, it is the estimated expected income of someone with the most years of education.

The intercept of regression line tells that the estimated value of dependent variable when the…

Answered: A survey is conducted on 700…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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The table below gives the age and bone density for five randomly selected women. Using this data, consider the equation of the regression line, ý = bo + bjx, for predicting a woman's bone density based on her age. Keep in mind, the correlation coefficient may or may not be statistically significant for the data given. Remember, in practice, it would not be appropriate to use the regression line to make a prediction if the correlation coefficient is not statistically significant. Age 38 43 53 59 63 Bone Density 357 351 326 317 313 Table Copy Data Step 2 of 6: Find the estimated y-intercept. Round your answer to three decimal places. O Tables E Keypad Answer How to enter your answer Keyboard Shortcuts Previous step answers Submit Answer O 2020 Hawkes Learning MacBook Air DO 888 SC 80 F3 F6 FS FI & %23 2$ 6 7 8 9 2 3 Y P Q W E D F G H J K A S > C V N M command option option command ンレ 5
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