The data set wages_educ (click the link to open the Excel file) contains data fr
ID: 3229242 • Letter: T
Question
The data set wages_educ (click the link to open the Excel file) contains data from a survey on hourly wages (in dollars) and number of years of formal education (for example, if educ = 12, a person graduated high school). Using Excel's CORREL function, a calculator, some other software you might know, or--and I don't recommend this--a by-hand calculation, find the correlation r between the two variables to three (3) decimal places.
To Use Excel's CORREL Function
1). Open up the worksheet above and select a blank cell (you might need to click "Enable Editing" to select a cell).
2). Type =CORREL(
3). For "array1," select the column of values for one of the variables. Remember for correlation that it does not matter which variable you call "X" and which you call "Y." It does matter for regression, but this question is just asking about correlation.
4). Type a comma: ,
5). For "array2," select the other column of values. Be sure you have the same number of X's as you do Y's; otherwise, you may get an error message or a #N/A error.
6). Type ) and hit "Enter."
The number that you get is the correlation. Report this value to three decimal places.
Answer:
r&d sales 25.5 259.8 5.7 47.9 1.7 35.7 3.9 80.1 16 456.8 3.7 37.4 2.8 39.8 6.9 280.5 21 201.5 17 84.5 2.8 207.3 3.4 67.4 1.9 51.1 12.9 374.7 12.4 55.4 15.7 127.8 5.3 71.8 4.7 36.2 6.4 90.2 5.9 42.6 31.6 211 4.2 151 7.2 57Explanation / Answer
I have done the given steps as mentioned in the question
The Correlations Factor = 0.513
and the Regression equation is
Stack sales with hat on top (y) = 63.13 + 7.39 * (R & D)
Solved it by Excal's regression.
SUMMARY OUTPUT Regression Statistics Multiple R 0.513007 R Square 0.263177 Adjusted R Square 0.22809 Standard Error 103.1692 Observations 23 ANOVA df SS MS F Significance F Regression 1 79836.85 79836.85 7.500725 0.012304 Residual 21 223521.6 10643.88 Total 22 303358.4 Coefficients Standard Error t Stat P-value Lower 95% Intercept 63.13484 33.47292 1.886147 0.073182 -6.4759 r&d 7.389747 2.698224 2.738745 0.012304 1.778484Related Questions
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