The least-squares regression equation is y = 650.9x + 16,443 where yis the median income and x is the percentage of 25 years and olderwith at least a bachelor's degree in the region. The scatter diagram55000-indicates a linear relation between the two variables with a correlationcoefficient of 0.7174. Complete parts (a) through (d).25000-15 20 25 30 35 40 45 50 55 60Bachelor's %.....(a) Predict the median income of a region in which 20% of adults 25 years and older have at least a bachelor's degree.(Round to the nearest dollar as needed.)Median Income

Answered: The least-squares regression equation…

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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Question

The least-squares regression equation is y = 650.9x + 16,443 where y
is the median income and x is the percentage of 25 years and older
with at least a bachelor's degree in the region. The scatter diagram
55000-
indicates a linear relation between the two variables with a correlation
coefficient of 0.7174. Complete parts (a) through (d).
25000-
15 20 25 30 35 40 45 50 55 60
Bachelor's %
.....
(a) Predict the median income of a region in which 20% of adults 25 years and older have at least a bachelor's degree.
(Round to the nearest dollar as needed.)
Median Income

Expert Solution

Step 1

Regression equation is used to relate the response variable with the explanatory variable. There are different kind of regression equations such as simple linear, polynomial, exponential, logarithmic etcetera.

The simple linear regression equation uses a straight line to relate the response variable with explanatory variable. If explanatory variable is x and response variable is y then the simple linear equation is written as $\hat{y} = a + b x$ .