4. Compare thepreceding four simple linear regression models to determine whichmodel is the preferred model. Use the Significance F values,p-values for independent variable coefficients, R-squared orAdjusted R-squared values (as appropriate), and standard errors toexplain your selection.
5.. Calculate thepredicted income of a 45 year old, with 18 years of education, 2children, and works 40 hours per week using your preferredregression model from part 4.
INCOME | AGE | EARNRS | EDUC | CHILDS | HRS1 | | | | | | | | | | |
500 | 27 | 3 | 12 | 0 | 56 | | | Income = | annual income | | | | | |
500 | 23 | 3 | 12 | 1 | 10 | | | Age = | years of age ofrespondent | | | | |
500 | 78 | 0 | 16 | 2 | 0 | | | Earnrs = | number of familymembers earning income | | |
500 | 64 | 0 | 17 | 0 | 0 | | | Educ = | years of education | | | | | |
500 | 54 | 1 | 14 | 3 | 0 | | | Childs = number ofchildren | | | | | |
500 | 22 | 2 | 13 | 1 | 0 | | | Hrs1 = | number of hours |
