Question

A social scientist would like to analyze the relationship between educational attainment (in years of higher education) and annual salary (in $1,000s). He collects data on 20 individuals. A portion of the data is as follows:

Salary	Education
42	6
48	7
82	1
46	3
67	1
54	5
105	6
42	0
38	4
56	6
90	2
44	7
67	5
64	7
143	12
43	0
76	7
64	4
127	6
42	0

a. Find the sample regression equation for the model: Salary = β₀ + β₁Education + ε. (Round answers to 2 decimal places.)

Salaryˆ=Salary^=    +   Education

c. What is the predicted salary for an individual who completed 8 years of higher education? (Round coefficient estimates to at least 4 decimal places and final answer to the nearest whole number.)

Answer 1