Problem # 4 (12 points) The following scatter plot illustrates the association b

Question

Problem # 4 (12 points) The following scatter plot illustrates the association between College Attainment (percent of 25+ year olds with a BA or higher degree) and Median Hourly Wage (in $) measured for the 50 States in 2013. (Available at: www.bls.govloes/current/osssrcst.htm) 22. 2.00 College Attainment, in % of25+ year olds with BA or higher 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. )0.135 )0.655 Il) 1.35 IV) 0.702 3 points) Give reason(s) for your choice. Show your work. Partial credit will be given.

Explanation / Answer

a)In this scatter plot,shows relationship between college attainment and median hourly wedges.each dot represents the data on college attainment(%)corresponding to median hourly wedges(dollers).scatter plot shows increasing trend.

b) explanatory variable is college attainment (in %) of 25 year olds with BA or higher.

Response variable is median hourly wedges in dollers.

c)reasonable estimate of correlation coefficient (r) is IV)0.702

Because in the scatter plot there is not much scattered points.scatter plot shows reasonably good increasing trend in the data.therefore we can say that there is strong positive correlation between these 2 variables.

d)y=8.79+0.29x

y=median hourly wedges in dollers

x=college attainment in %

If x(college attainment )increases by 5% then y (median hourly wedges ) increases by 1.45 dollers.

e)if x=23% then y(median hourly wedges ) predicted to be 15.46 dollers.

y=8.79+(0.29*23)=15.46

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