Solution Found!
The following equation represents the best-fit regression
Chapter 2, Problem 2.11.3(choose chapter or problem)
The following equation represents the best-fit regression line for median personal earnings vs. years of education for the 304 people in the FAM1000 data set who live in the southern region of the United States.
S = 15820 + 2960E
where S = median personal earnings in the South and E = years of education past grade 8, and cc = 0.51.
a. Identify the slope of the regression line, the vertical intercept, and the correlation coefficient.
b. What does the slope mean in this context?
c. By what amount does this regression line predict that median personal earnings for those who live in the South change for 1 additional year of education? For 10 additional years of education?
Questions & Answers
QUESTION:
The following equation represents the best-fit regression line for median personal earnings vs. years of education for the 304 people in the FAM1000 data set who live in the southern region of the United States.
S = 15820 + 2960E
where S = median personal earnings in the South and E = years of education past grade 8, and cc = 0.51.
a. Identify the slope of the regression line, the vertical intercept, and the correlation coefficient.
b. What does the slope mean in this context?
c. By what amount does this regression line predict that median personal earnings for those who live in the South change for 1 additional year of education? For 10 additional years of education?
ANSWER:Step 1 of 5
A regression line is \(S=15820+2960\ E\) where S, E are the median income in the south and the years of education past 8th grade.
The correlation coefficient, cc is 0.51