The following data shows the yearly income (in $1000) and age of a sample of seven individuals. $$\begin{array} { l l }
\text { Income (in \$1000) } & \text { Age } \
20 & 18 \
24 & 20 \
24 & 23 \
25 & 34 \
26 & 24 \
27 & 27 \
34 & 27
\end{array}$$
a.
Develop the least squares regression equation.
b.
Estimate the yearly income of a 30-year-old individual. Give your answer in dollars.
c.
Compute the coefficient of determination.
d.
Use a t test to determine whether the slope is significantly different from zero. Let α = .05.
e.
At the .05 level, perform an F test and determine whether or not the model is significant.

Question

The following data shows the yearly income (in $1000) and age of a sample of seven individuals. $$\begin{array} { l l } 
\text { Income (in \$1000) } & \text { Age } \
20 & 18 \
24 & 20 \
24 & 23 \
25 & 34 \
26 & 24 \
27 & 27 \
34 & 27
\end{array}$$ ​ 
a.
Develop the least squares regression equation.
b.
Estimate the yearly income of a 30-year-old individual. Give your answer in dollars.
c.
Compute the coefficient of determination.
d.
Use a t test to determine whether the slope is significantly different from zero. Let α = .05.
e.
At the .05 level, perform an F test and determine whether or not the model is significant.

Quizplus · Accepted Answer

The Answer of The following data shows the yearly income (in $1000) and age of a sample of seven individuals. $$\begin{array} { l l } 
\text { Income (in \$1000) } & \text { Age } \
20 & 18 \
24 & 20 \
24 & 23 \
25 & 34 \
26 & 24 \
27 & 27 \
34 & 27
\end{array}$$ ​ 
a.
Develop the least squares regression equation.
b.
Estimate the yearly income of a 30-year-old individual. Give your answer in dollars.
c.
Compute the coefficient of determination.
d.
Use a t test to determine whether the slope is significantly different from zero. Let α = .05.
e.
At the .05 level, perform an F test and determine whether or not the model is significant.

The Following Data Shows the Yearly Income (In $1000) and Age