A regression of average weekly earnings (AWE, measured in dollars) on age (measured in years) using a random sample of college-educated full-time workers aged 25-65 yields the following:

a. Explain what the coefficient values 696.7 and 9.6 mean.

b. The standard error of the regression (SER) is 624.1. What are the units of measurement for the SER? (Dollars? Years? Or is SER unit-free?)

c. The regression R²Â is 0.023. What are the units of measurement for the R2? (Dollars? Years? Or is R²Â unit-free?)

d. What is the regression's predicted earnings for a 25-year-old worker? A 45-year-old worker?

e. Will the regression give reliable predictions for a 99-year-old worker? Why or why not?

f. Given what you know about the distribution of earnings, do you think it is plausible that the distribution of errors in the regression is normal? (Hint: Do you think that the distribution is symmetric or skewed? What is the smallest value of earnings, and is it consistent with a normal distribution?)

g. The average age in this sample is 41.6 years. What is the average value of AWE in the sample? (Hint: Review Key Concept 4.20

 

Alpha Geek

(8)

Status NEW Posted 11 May 2017 01:05 PM My Price 15.00

-----------

Attachments

file 1494508226-2224208_1_636300340470035829_2224208.docx preview (1 words )

----------- -----------

Not Rated(0)

• Buy Answer