The following sample data contains the number of years of college and the current annual salary for a random sample of heavy equipment salespeople. A researcher believes that spending more years in college leads to higher annual income. Annual Income (in thousands) Years in College 20. 2. 23. 2. 25. 4. 55. 5. 28. 3. 28. 2. 37. 4. 35. 3. 40. 4. 39. 4. The researcher thought that another variable, gender, might also affect the income level. Thus, he created a dummy variable for gender (1 for male and 0 for female) and estimated the regression model with two independent variables. Write down the estimated regression equation. What is the value of R square in this regression model? Compared with y = 6.5 + 8.0x? Interpret the meaning of the regression coefficient of Year in College (how does year in college affect salary?). Does this variable have a significant impact on income level at α= .05? How does one more year in college affect salary if the gender is the same? How do you get this conclusion?
The following sample data contains the number of years of college and the current annual salary for a random sample of heavy equipment salespeople. A researcher believes that spending more years in college leads to higher annual income. Annual Income (in thousands) Years in College 20. 2. 23. 2. 25. 4. 55. 5. 28. 3. 28. 2. 37. 4. 35. 3. 40. 4. 39. 4. The researcher thought that another variable, gender, might also affect the income level. Thus, he created a dummy variable for gender (1 for male and 0 for female) and estimated the regression model with two independent variables. Write down the estimated regression equation. What is the value of R square in this regression model? Compared with y = 6.5 + 8.0x? Interpret the meaning of the regression coefficient of Year in College (how does year in college affect salary?). Does this variable have a significant impact on income level at α= .05? How does one more year in college affect salary if the gender is the same? How do you get this conclusion?
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
The following sample data contains the number of years of college and the current annual salary for a random sample of heavy equipment salespeople. A researcher believes that spending more years in college leads to higher annual income.
| Annual Income (in thousands) | Years in College |
| 20. | 2. |
| 23. | 2. |
| 25. | 4. |
| 55. | 5. |
| 28. | 3. |
| 28. | 2. |
| 37. | 4. |
| 35. | 3. |
| 40. | 4. |
| 39. | 4. |
The researcher thought that another variable, gender, might also affect the income level. Thus, he created a dummy variable for gender (1 for male and 0 for female) and estimated the regression model with two independent variables.
Write down the estimated regression equation.
What is the value of R square in this regression model? Compared with y = 6.5 + 8.0x?
Interpret the meaning of the regression coefficient of Year in College (how does year in college affect salary?). Does this variable have a significant impact on income level at α= .05? How does one more year in college affect salary if the gender is the same? How do you get this conclusion?
Transcribed Image Text:SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R S
Standard Er
0.920
0.847
0.803
4.610
Observations
10.000
ANOVA
df
SS
MS
F
Significance F
Regression
2.000
823.223
411.612
19.366
0.001
Residual
7.000
148.777
21.254
Total
9.000
972.000
Upper 95% Lower 95.0% Upper 95.0%
(10.434)
Coefficients Standard Erroi
t Stat
P-value
Lower 95%
Intercept
1.983
5.251
0.378
0.717
(10.434)
14.401
14.401
Years in Coll
7.851
1.452
5.408
0.001
4.418
11.284
4.418
11.284
gender
8.512
2.978
2.858
0.024
1.470
15.555
1.470
15.555
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
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
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
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
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
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
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
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
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman