A regional planner employed by a public university is studying the demographics of nine counties in the eastern region of an Atlantic seaboard state. She has gathered the following data:
County | Median Income | Median Age | Coastal | ||
A | $ | 49,374 | 58.5 | 0 | |
B | 46,850 | 46.5 | 1 | ||
C | 47,586 | 48.5 | 1 | ||
D | 47,781 | 45.5 | 1 | ||
E | 33,738 | 37.3 | 0 | ||
F | 35,553 | 43.4 | 0 | ||
G | 39,910 | 45.3 | 0 | ||
H | 37,266 | 34.2 | 0 | ||
I | 34,571 | 36.5 | 0 | ||
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Median Age
Median Income
c-1. Use regression analysis to determine the relationship between median income and median age. (Round your answers to 2 decimal places.)
c-2. Interpret the value of the slope in a simple regression equation. (Round your answers to 2 decimal places.)
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a)using excel formula correl(y,x)
correlation of Income and Median Age is =0.817
B)Income =10170.98+710.36*median age
c)
For each year increase in age, the income increases 710.36 on average
d)
Income =13611.39+582.85*median age+6497.41*Coastal
E)
t Stat | P-value | |
Intercept | 2.70 | 0.0357 ~0.04 |
median age | 5.00 | 0.0024~ 0.00 |
coastal | 3.77 | 0.0093~ 0.01 |
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