we are interested in studying how years of EDUCATION (x1), years of EXPERIENCE (
ID: 3045761 • Letter: W
Question
we are interested in studying how years of EDUCATION (x1), years of EXPERIENCE (x2) and AGE (x3) are related to a person's SALARY (y). So we gather sample of 30 people and use Excel to run the linear regression and get the results below:
Age
-1000
What would be the estimated salary for someone who is 40 years old, has 13 years of education and has 5 years of experience?
800
Age
-1000
What would be the estimated salary for someone who is 40 years old, has 13 years of education and has 5 years of experience?
800
Explanation / Answer
Solution
Y = intercept + education coeff (x1) + experience coeff (x2) + Age coeff (x3)
Y = 20000 + 1800(13) + 2000(5) - 1000(40) = 13400
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