Questions: 1. Develop an estimated regression equation using Excel. What is the
ID: 3334586 • Letter: Q
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Questions: 1. Develop an estimated regression equation using Excel. What is the estimated regression equation? 2. What annual income would you estimated for an adult with 37 years old, 12 years of education, 3. Use the F test to determine the overall significance of the regression relationship. What is the p- 4. Write a short essay describing an impact of years of education and age on annual income using the 5. and 10 years of work? value? What is the conclusion at the 0.05 level of significance? regression analysis output. Attach your Excel output. The accompanying table presents raw data on sample of 15 adults, where income is in dollars. Enter the data into Excel and solve the problems using the multiple regression procedures. Annual Income Age Years of Education Years of Work Y (1000s) 21 28 ID 24 12 40 47 39 38 14 15 12 10 10 16 40 36 16 16 10 35 10 36 25 39 10 14 18 12 38 10 18 50 39 41 14Explanation / Answer
5)
1)
Annual Income=-15.135+0.674*Age+1.854*Years of Education-0.0428*Years of Work
2)
Annual Income=-15.135+0.674*37+1.854*12-0.0428*10=31.623
3)
Significance F is 0.0001 which is less than 0.05 and hence the model is significant. Model is able to predict annual income accurately
SUMMARY OUTPUT Regression Statistics Multiple R 0.917202298 R Square 0.841260056 Adjusted R Square 0.797967344 Standard Error 4.409448715 Observations 15 ANOVA df SS MS F Significance F Regression 3 1133.457716 377.8192386 19.4319094 0.000105436 Residual 11 213.8756176 19.44323797 Total 14 1347.333333 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept -15.13516067 7.788238329 -1.943335583 0.077997584 -32.27695766 2.006636311 Age 0.674189248 0.289160726 2.331538094 0.039761128 0.037750781 1.310627714 Years of Education 1.854227224 0.438921682 4.224505875 0.00142553 0.888167116 2.820287333 Years of Work -0.042849609 0.482485598 -0.08881013 0.930829105 -1.10479325 1.019094033Related Questions
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