The following data shows the yearly income (in $1,000) and age of a sample of seven individuals.
a.Develop the least squares regression equation.
b.Estimate the yearly income of a 30-year-old individual.
c.Compute the coefficient of determination.
d.Use a t test to determine whether the slope is significantly different from zero. Let $\alpha$ = 0.05.
e.At 95% confidence, perform an F test and determine whether or not the model is significant.

Question

The following data shows the yearly income (in $1,000) and age of a sample of seven individuals.  
a.Develop the least squares regression equation.
b.Estimate the yearly income of a 30-year-old individual.
c.Compute the coefficient of determination.
d.Use a t test to determine whether the slope is significantly different from zero. Let $\alpha$ = 0.05.
e.At 95% confidence, 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 $1,000) and age of a sample of seven individuals.  
a.Develop the least squares regression equation.
b.Estimate the yearly income of a 30-year-old individual.
c.Compute the coefficient of determination.
d.Use a t test to determine whether the slope is significantly different from zero. Let $\alpha$ = 0.05.
e.At 95% confidence, perform an F test and determine whether or not the model is significant.

The Following Data Shows the Yearly Income (In $1,000) and Age