A social scientist would like to analyze the relationship between educational at

Question

A social scientist would like to analyze the relationship between educational attainment and salary. He collects the following sample data, where Education refers to years of higher education and Salary is the individual's annual salary in thousands of dollars: Find the sample regression equation for the model Salary = beta_0 + beta_1 + beta_1 Education + epsilon. (Round intermediate calculations to 4 decimal places. Enter your answers Mi thousands rounded to 2 decimal places.) Interpret the coefficient for education As Education increase by 1 unit, an individual annual salary is prodded to decreases by $6,500 As Education increases by 1 unit, an individual annual salary is prodded to increase by $6,500 As Education increases by 1 unit, an individual's salary a predicted to decrease by $7,500 As Education increase by 1 unit, an individual's annual salary is predicted to increase by $7,500 Whet is the predicted salary for an individual who completed 9 years of higher education? (Round intermediate coefficient Values to 2 decimal places and final answer, in dollars, to the nearest whole number.)

Explanation / Answer

A)

Using technology, we get              
              
slope =    6.5          
intercept =    29          
              
Thus, the regression line is              
              
Salary^ =    29 + 6.5 Education [ANSWER]

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b)

As slope = 6.5 (in thousands), then

OPTION B. [ANSWER]

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c)

As

Salary^ =    29 + 6.5 Education

and Education = 9,

Salary^ =    29 + 6.5*9 = 87.5 thousand = $ 87500 [ANSWER]

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