The following estimated regression equation was developed relating yearly income (y in $1000s) of 30 individuals with their age (x₁) and their gender (x₂) (0 if male and 1 if female) . $\hat { y }$ = 30 + .7x₁ + 3x₂

Also provided are SST = 1200 and SSE = 384.The estimated income (in $) of a 30-year-old male is

Question

The following estimated regression equation was developed relating yearly income (y in $1000s) of 30 individuals with their age (x₁) and their gender (x₂) (0 if male and 1 if female) .

\hat { y }

= 30 + .7x₁ + 3x₂

Also provided are SST = 1200 and SSE = 384.The estimated income (in $) of a 30-year-old male is

Quizplus · Accepted Answer

The estimated income of a 30-year-old male is:$\hat { y }$ = 30 + .7x₁ + 3x₂= 30 + .7(30) + 3(0)= 30 + 21 + 0= $51,000

The Following Estimated Regression Equation Was Developed Relating Yearly Income y^\hat { y }y^​

The Following Estimated Regression Equation Was Developed Relating Yearly Income $\hat { y }$