Question

In the following regression equation, we are using age to predict wealth. What is the correct...

In the following regression equation, we are using age to predict wealth. What is the correct classification of wealth in this case? Wealth = 5.4 * (Age) - 10

Dependent variable, Independent variable, that sort of thing.

Math   Statistics-And-Probability   
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Answer #1

Here, we are interested in predicting wealth using age, it implies that:

- Age affects Wealth - Wealth is dependent on Age

Hence, Wealth would be the Response / Dependent variable and Age would be the predictor / Independent variable. The fitted regression equation would yield predicted values of Wealth for each value of Age.

Here, intercept coefficient = -10 and Slope = 5.4. Since, the slope is positive, we find that as Age and Wealth move in the same direction (As age increases. wealth also increases).

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