d. Calculate a 90% Confidence Interval for expected income for a person with 12 years of education, 10 years of experience, and who is age 30.
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
Please answer only part d of the answer below. Parts a-c have been answered in a previous Question. Thanks!
1. Consider the following data set. Cl is years of education, C2 is years of job experience, C3 is age, and C4 is annual salary.
a. Estimate the relationship:
C4 = a + b(Cl)+c(C2)+d(C3)
b. Test the hypothesis that the entire model (C1, C2, and C3 combined) does not explain a significant amount of variation in the dependent variable at the 5% level of significance.
c. What fraction of the variation in annual salary is explained by education, experience, and age?
d. Calculate a 90% Confidence Interval for expected income for a person with 12 years of education, 10 years of experience, and who is age 30.
|
Row |
Education |
Experience |
Ag |
Salary |
|
1 |
10 |
20 |
45 |
55139 |
|
2 |
10 |
5 |
23 |
48937 |
|
3 |
10 |
19 |
36 |
57624 |
|
4 |
11 |
15 |
50 |
58170 |
|
5 |
11 |
16 |
42 |
62202 |
|
6 |
11 |
8 |
30 |
51646 |
|
7 |
11 |
4 |
21 |
52563 |
|
8 |
12 |
10 |
34 |
49434 |
|
9 |
12 |
8 |
27 |
55153 |
|
10 |
12 |
18 |
38 |
63882 |
|
11 |
13 |
6 |
25 |
46067 |
|
12 |
13 |
10 |
46 |
60886 |
|
13 |
14 |
10 |
38 |
57190 |
|
14 |
14 |
2 |
22 |
52094 |
|
15 |
15 |
8 |
32 |
60620 |
|
16 |
16 |
5 |
49 |
59843 |
|
17 |
16 |
4 |
28 |
57288 |
|
18 |
17 |
7 |
33 |
67151 |
|
19 |
18 |
3 |
27 |
61313 |
|
20 |
19 |
3 |
32 |
64175 |
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