EmplD al Final Exam Part ! (Form 8) th…or higher degree) and Median Hourly wage
ID: 3324735 • Letter: E
Question
EmplD al Final Exam Part ! (Form 8) th…or higher degree) and Median Hourly wage (in S) measured for these States is 2013. (Avaitable at in%of25+ year olds with a. What does each dot in this scatter plot represent? (2 points) b. In this model, the explanatory variable is and the response variable is 2 points) c. Circle a reasonable estimate for the value of the correlation coefficient r in this model. 1) 0.135 )0.655 l1) 1.35 IV) 0.702 Give reason(s) for your choice. 3 points) Show your work. Partial credit will be given.Explanation / Answer
a) Each dot in the scatter plot shows the vertical distance from the corresponding axis, hence each dot represents the measurment of corresponding units (x,y) where x represents the college attainment in percent and median hourly wages in $ and they also show the association between them as the both measurments intersect at a point.
b) For this model the explanatory variable is Median hourly wages in $(000) and response variable is College attainment in % of 25+year olds with BA or higher as the given equation is y=8.79+0.29*x., so the predicted variable is y which is given on axis and response variable is x.
c) The reasonable estimate for the correlation coefficient is (D) 0.702, as the pattern of scatter plot shows the strong and positive relation ,the dots are nearby the ;LSR line , 0.702 is positive and also the correlation is high.
d) The LSR line is y=8.79+0.29*x , as the college attainment increases by 5 % , i.e
y=8.79+(0.29+0.05)x, y=8.79+0.34x, hence y will increase by 5%.
e) Using LSR line the best predicted median hourly wages when college attainment is 0.23
y=8.79+0.29*0.23 = 8.8567
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