A regression equation that predicts the current salary based on X1, previous exp

Question

A regression equation that predicts the current salary based on X1, previous experience (months) and X2, education (years) is y--170228+3698X1+18.53X2. Based on this model, which of the following is true: O Statements 2 and 3 are both correct 1.For every month increase in previous experience, current salary increases by $3698. 3. For every additional education year, current salary increases by $18.53 when previous month is held constant. 2.For every month increase in previous experience, current salary increases by $3698, when Education is held constant

Explanation / Answer

Numerical coefficient for previous experience ( X1 ) is 3698 and numerical coefficient X2 ( education years ) is 18.53. Therefore , when education years remain constant, salary increases by 3698 with every year increase in experience ( X) . Likewise , with previous year experience remaining constant, salary increases by 18.53 with every year increase in education ( X2)

Therefore both statement 2 and statement 3 are correct

ANSWER : STATEMENT 2 AND 3 ARE BOTH CORRECT

ANSWER : STATEMENT 2 AND 3 ARE BOTH CORRECT

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