What is the predicted bi-annual salary in dollars of an employee with 5 years of experience and a bachelor’s degree
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Suppose that researchers are interested in determining the bi-annual salary of statisticians of different levels using their years of experience and their education level (M = bachelors, P = doctorate). They fit the following model to a dataset that includes these variables and, after performing the proper steps of multiple linear regression, the following multiple linear regression model is obtained:
yˆ = 42308 + 323x1 + 213x2 + 301(x1*x2)
where the variables are as follows:
yˆ = predicted bi−annual salary in dollars, x1 = number of years of experiencex2= {1 if the education level is a doctorate 0 if the education level is a bachelors
What is the predicted bi-annual salary in dollars of an employee with 5 years of experience and a bachelor’s degree?
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- A trucking company considered a multiple regression model for relating the dependent variable y = total daily travel time for one of its drivers (hours) to the predictors x₁ = distance traveled (miles) and x₂ = the number of deliveries made. Suppose that the model equation is Y = -0.800+ 0.060x₁ +0.900x₂ + e (a) What is the mean value of travel time when distance traveled is 50 miles and four deliveries are made? hr (b) How would you interpret ₁ = 0.060, the coefficient of the predictor x₁? O When the number of deliveries is constant, the average change in travel time associated with a ten-mile (i.e. one unit) increase in distance traveled is 0.060 hours. O The total daily travel time increases by 0.060 hours when the distance traveled increases by 1. O When the number of deliveries is held fixed, the average change in travel time associated with a one-mile (i.e. one unit) increase in distance traveled is 0.060 hours. O The average change in travel time associated with a one-mile (i.e.…An oil exploration company wants to develop a statistical model to predict the cost of drilling a new well. One of the many variables thought to be an important predictor of the cost is the number of feet in depth that the must be drilled to create the well. Consequently, the company decided to fit the simple linear regression model, where y = cost of drilling the new well (in $thousands) and x = number of feet drilled to create the well. Using data collected for a sample of n=83 wells, the following results were obtained: = 10.5 + 16.20x Give a practical interpretation of the estimate of the slope of the least squares line. An oil exploration company wants to develop a statistical model to predict the cost of drilling a new well. One of the many variables thought to be an important predictor of the cost is the number of feet in depth that the must be drilled to create the well. Consequently, the company decided to fit the simple linear regression model, where y =…FRQ 2 Professional basketball teams have 11 players per team. Salary is dependent upon their scoring average, measured in points per game. A least-squares regression line that describes the relationship between scoring average and salary for one professional basketball team is ŷ = 2,671,134.68 +684,663.08x, where x is the player's scoring average and y is the player's salary. The residuals for this regression are given in the graph below. Residual $20,000,000 $15,000,000 $10,000,000 $5,000,000 $0 -$5,000,000 -$10,000,000 -$15,000,000 4 ITS % 6 MacBook Pro ● 8 ● ● ● 10 12 14 Scoring Average (Points per Game) Is a line an appropriate model to use for these data? What information tells you this? b) What is the value of the slope of the least-squares regression line? Interpret the slope in the context of this problem. c) What is the predicted salary of the basketball player with 10.9 points per game? d) Approximate the actual salary of the basketball player with 10.9 points per game. 16 tv…
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- Suppose the following data were collected from a sample of 1515 CEOs relating annual salary to years of experience and the economic sector their company belongs to. Use statistical software to find the following regression equation: SALARYi=b0+b1EXPERIENCEi+b2SERVICEi+b3INDUSTRIALi+eiSALARY�=�0+�1EXPERIENCE�+�2SERVICE�+�3INDUSTRIAL�+��. Is there enough evidence to support the claim that on average, CEOs in the service sector have lower salaries than CEOs in the financial sector at the 0.010.01 level of significance? If yes, write the regression equation in the spaces provided with answers rounded to two decimal places. Else, select "There is not enough evidence." Copy Data CEO Salaries Salary Experience Service (1 if service sector, 0 otherwise) Industrial (1 if industrial sector, 0 otherwise) Financial (1 if financial sector, 0 otherwise) 144225144225 1010 11 00 00 187765187765 2020 00 00 11 142500142500 66 11 00 00 169650169650 2828 11 00 00 167250167250 3131 00…A real estate analyst has developed a multiple regression line, y = 60 + 0.068 x1 – 2.5 x2, to predict y = the market price of a home (in $1,000s), using two independent variables, x1 = the total number of square feet of living space, and x2 = the age of the house in years. With this regression model, the predicted price of a 10-year old home with 2,500 square feet of living area is __________. $205.00 $200,000.00 $205,000.00 $255,000.00A biologist is interested in predicting the percentage increase in lung volume when inhaling (y) for a certain species of bird from the percentage of carbon dioxide in the atmosphere (x). Data collected from a random sample of 20 birds of this species were used to create the least-squares regression equation ŷ = 400-0.08x. Which of the following best describes the meaning of the slope of the least-squares regression line? (A) The percentage increase in lung volume when inhaling increases by 0.08 percent, on average, for every 1 percent increase in the carbon dioxide in the atmosphere. (B) The percentage of carbon dioxide in the atmosphere increases by 0.08 percent, on average, for every 1 percent increase in lung volume when inhaling. (C) The percentage increase in lung volume when inhaling decreases by 0.08 percent, on average, for every 1 percent increase in the carbon dioxide in the atmosphere. (D) The percentage of carbon dioxide in the atmosphere increases by 0.08 percent, on…
- This table reports the regression coefficients when the returns of the size-institutionalownership portfolio (columns 1 and 2) returns are regressed on three variables: a constant(column 3), the stock market returns (column 4), and the change of the value weighted discountof the closed end fund industry (column 6). Columns 5 and 7 report the corresponding t-statistics of the coefficient estimates. Note that a t-statistic with an absolute value above 1.96means the coefficient estimate is significantly different from 0 at the 1% level. Column 8reports the R square of the regressions. Column 9 reports the mean institutional ownership ofeach portfolio. The last column reports the F-statistics for a multivariate test of the null hypothesis that the coefficient on ΔVWD in the Low (L) ownership portfolio is equal to theHigh (H) ownership portfolio. Two-tailed p-values are in parentheses. 1. What is the main finding of this Table? 2. What is the explanation for…The table below shows the amounts of crude oil (in thousands of barrels per day) produced by a country and the amounts of crude oil (in thousands of barrels per day) imported by a country, for the last seven years. Construct and interpret a 98% prediction interval for the amount of crude oil imported by the this country when the amount of crude oil produced by the country is 5,464 thousand barrels per day. The equation of the regression line is y=-1.106x+15,759.462 Oil_produced,_x Oil_imported,_y5,816 9,3455,741 9,1245,660 9,6325,405 10,0095,155 10,1685,059 10,1055,015 10,055The quality of the orange juice produced by a certain manufacturer is constantly monitored. Data collected on the sweetness index of an orange juice sample and amount of water-soluble pectin for 24 production runs at a juice manufacturing plant are shown in the accompanying table. Suppose a manufacturer wants to use simple linear regression to predict the sweetness (y) from the amount of pectin (x). Find and interpret the coefficient of determination, r2, and the coefficient of correlation, r. Find and interpret the coefficient of determination, r2. Select the correct choice below and fill in the answer box within your choice. (Round to three decimal places as needed.) A. The coefficient of determination, r2, is enter your response here. Sample variations in the amount of water-soluble pectin explain 100r2% of the sample variation in the sweetness index using the least squares line. B. The coefficient of determination, r2, is enter your…
