Education and income. There is a strong positive
Chapter , Problem 2.113(choose chapter or problem)
Education and income. There is a strong positive correlation between years of education and income for economists employed by business firms. (In particular, economists with doctorates earn more than economists with only a bachelors degree.) There is also a strong positive correlation between years of education andincome for economists employed by colleges and universities.But when all economists are considered, there is anegative correlation between education and income. Theexplanation for this is that business pays high salariesand employs mostly economists with bachelors degrees,while colleges pay lower salaries and employ mostlyeconomists with doctorates. Sketch a scatterplot with twogroups of cases (business and academic) that illustrateshow a strong positive correlation within each group anda negative overall correlation can occur together.
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