Data on income (in thousands of dollars), education (years), experience (years), and age (years) for twenty people are shown here;
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
Data on income (in thousands of dollars), education (years), experience (years), and age (years) for twenty people are shown here;
![Job
Person
Income
Age
Education
Experience
1
5.0
29
9.7
36
18
3
28.4
41
8.
21
4
8.8
30
12
5
21.0
34
8.
14
6.
26.6
36
10
16
7
25.4
61
12
16
23.1
29
12
9.
22.5
54
12
18
10
19.5
30
12
5
11
21.7
28
12
12
24.8
29
13
9
13
30.1
35
14
12
14
24.8
59
14
17
15
28.5
65
15
19
16
26.0
30
15
6
17
38.9
22.1
40
23
17
16
18
. 16
19
33.1
58
17
io
20
48.3
60
21
17
a. Use multiple regression analysis to estimate income as a linear function of age.
Write the equation, t-statistics, and the coefficient of determination. Provide
an explanation for the sign of the age coefficient.
b. Use regression analysis to estimate income as a linear function of education,
job experiènce, and age. Write the equation, 1-statistics, and the coefficient of
determination. How do the results of part (b) explain the results from part (a)?
c. Use the results from part (b) to estimate income-of a typical person who has
14 years of education, has 10 years of job experience, and is 45 years of age.
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