The following sample data contains the number of years of college and the current annual salary for a random sample of heavy equipment salespeople.
Years of College
Annual Income(In Thousands of $)
2
20
2
23
3
25
4
26
3
28
1
29
4
27
3
30
4
33
4
35
?
a.Which variable is the dependent variable? Which one is the independent variable?b.Determine the least squares estimated regression equation.c.Predict the annual income of a salesperson with one year of college. Give your answer in dollars.d.Use a t test to test if the relationship between years of college and income is statistically significant at the .05 level of significance.e.Calculate the coefficient of determination.f.Calculate the sample correlation coefficient between income and years of college. Interpret the value you obtain.
What will be an ideal response?
| a. | y (dependent variable) is annual income and x (independent variable) is years of college |
| b. |  = 21.6 + 2x |
| c. | $23,600 |
| d. | There is no evidence that the relationship is statistically significant since t = 1.51; p-value (actual p-value using Excel = .1696) > ? = .05. |
| e. | .2217 |
| f. | .4709; there is a positive correlation between years of college and annual income. |
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