regression? (Give all results, estimale A regression of average weekly carnings (AWE, measured in dollars) on age (measured in years) using a random sample of college-educated full-time workers aged 25-65 yiclds the following 4. 6967+96 x Age, R-0.023, SER 624.1. AWE a. Explain what the coefficient values 696.7 and 9.6 mean. b. The standard error of the regression (SER) is 624.1. What are the units of measurement for the SER? (Dollars? Years? Or is SER unit-free?) c. The regression R is 0.023. What are the units of measurement for the R (Dollars? Years? Or is R unit-free?) d. What does the regression predict will be the earnings for a 25-year-old worker? For a 45-ycar-old worker? e. Will the regression give reliable predictions for a 99-year-old worker? Why or why not? f. Given what you know about the distribution of earnings, do you think it is plausible that the distribution of errors in the regression is normal? (Hint: Do you think that the distribution is symmetric or skewed? What is the smallest value of earnings, and is it consistent with a normal distribution?)

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
icon
Related questions
icon
Concept explainers
Question

Part A, D, E, G

regression? (Give all results, estimale
A regression of average weekly carnings (AWE, measured in dollars) on age
(measured in years) using a random sample of college-educated full-time
workers aged 25-65 yiclds the following
4.
6967+96 x Age, R-0.023, SER 624.1.
AWE
a. Explain what the coefficient values 696.7 and 9.6 mean.
b. The standard error of the regression (SER) is 624.1. What are the units
of measurement for the SER? (Dollars? Years? Or is SER unit-free?)
c. The regression R is 0.023. What are the units of measurement for the
R (Dollars? Years? Or is R unit-free?)
d. What does the regression predict will be the earnings for a 25-year-old
worker? For a 45-ycar-old worker?
e. Will the regression give reliable predictions for a 99-year-old worker?
Why or why not?
f. Given what you know about the distribution of earnings, do you
think it is plausible that the distribution of errors in the regression
is normal? (Hint: Do you think that the distribution is symmetric or
skewed? What is the smallest value of earnings, and is it consistent
with a normal distribution?)
Transcribed Image Text:regression? (Give all results, estimale A regression of average weekly carnings (AWE, measured in dollars) on age (measured in years) using a random sample of college-educated full-time workers aged 25-65 yiclds the following 4. 6967+96 x Age, R-0.023, SER 624.1. AWE a. Explain what the coefficient values 696.7 and 9.6 mean. b. The standard error of the regression (SER) is 624.1. What are the units of measurement for the SER? (Dollars? Years? Or is SER unit-free?) c. The regression R is 0.023. What are the units of measurement for the R (Dollars? Years? Or is R unit-free?) d. What does the regression predict will be the earnings for a 25-year-old worker? For a 45-ycar-old worker? e. Will the regression give reliable predictions for a 99-year-old worker? Why or why not? f. Given what you know about the distribution of earnings, do you think it is plausible that the distribution of errors in the regression is normal? (Hint: Do you think that the distribution is symmetric or skewed? What is the smallest value of earnings, and is it consistent with a normal distribution?)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 1 images

Blurred answer
Knowledge Booster
Points, Lines and Planes
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.
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman