Hourly Earnings of U.S. Production Workers The average
Chapter 1, Problem 1.515(choose chapter or problem)
Hourly Earnings of U.S. Production Workers The average hourly earnings of U.S. production workers for 1990–2007 are shown in Table 1.13.
(a) Produce a scatter plot of the hourly earnings (y) as a function of years since 1990 (x).
(b) Find the linear regression equation for the years 1990–1998. Round the coefficients to the nearest 0.001.
(c) Find the linear regression equation for the years 1990–2007. Round the coefficients to the nearest 0.001.
(d) Use both lines to predict the hourly earnings for the year 2010. How different are the estimates? Which do you think is a safer prediction of the true value?
(e) Writing to Learn Use the results of parts (a)–(d) to explain why it is risky to predict y-values for x-values that are not very close to the data points, even when the regression plot fits the data points quite well.
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