a. Write the regression equation.
b. Discuss the statistical significance of the model using theappropriate regression statistic at a 95% level of confidence.
c. Discuss the statistical significance of the coefficient forthe independent variable using the appropriate regression statisticat a 95% level of confidence.
d. Interpret the coefficient for the independent variable.
e. What percentage of the observed variation in income isexplained by the model?
f. Predict the value of a person’s income using this regressionmodel with 16 years of education.
| SUMMARY OUTPUT | | | |
| | | | | | |
| Regression Statistics | | | | |
| Multiple R | 0.414957 | | | | |
| R Square | 0.17219 | | | | |
| Adjusted R Square | 0.171463 | | | | |
| Standard Error | 2.762937 | | | | |
| Observations | 1142 | | | | |
| | | | | | |
| ANOVA | | | | | |
| | df | SS | MS | F | Significance F |
| Regression | 1 | 1810.183 | 1810.183 | 237.1268 | 9.42E-49 |
| Residual | 1140 | 8702.553 | 7.633818 | | |
| Total | 1141 | 10512.74 | | | |
| | | | | | |
| | Coefficients | Standard Error | t Stat | P-value | Lower 95% |
| Intercept | 12.60511 | 0.120429 | 104.668 | 0 | 12.36882 |
| X Variable 1 | 3.38E-05 | 2.19E-06 | 15.39892 | 9.42E-49 | 2.95E-05 |
