Question

2. Consider the following data on salaries and experience below. Persons 2,4,6,8,and 9 have MBA degrees....

2. Consider the following data on salaries and experience below. Persons 2,4,6,8,and 9 have MBA degrees. All others only have undergraduate degrees. Clearly label your answers to each equation and show all work..

a. What is the estimated regression equation?

b. Sketch the graph with estimated regression that clearly indicates the impact of a MBA degree on Salary.

c. What is the annual dollar market value of the MBA degree?

Person           Salary              Experience

1                   $130,468            10 Years

2                       62,250              1

3                       50,000              2.3

4                     140,000              9

5                     110,000              8

6                      80,050               2.8

7                     95,772              7

8                     110,000              6

9                      87,752              4.2

10                     79,290              5

Math   Statistics-And-Probability   
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Homework Answers

Answer #1

a. What is the estimated regression equation?

y = 45897 + 8799*x

b. Sketch the graph with estimated regression that clearly indicates the impact of a MBA degree on Salary.

c. What is the annual dollar market value of the MBA degree?

86374.6923

Period Demand (y) Period(x) Forecast
Period 1 130468 10 133891.8
Period 2 62250 1 54696.6
Period 3 50000 2.3 66135.91
Period 4 140000 9 125092.4
Period 5 110000 8 116292.9
Period 6 80050 2.8 70535.65
Period 7 95772 7 107493.4
Period 8 110000 6 98693.95
Period 9 87752 4.2 82854.9
Period 10 79290 5 89894.48
Intercept 45897
Slope 8799
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