The least-squares regression equation is y 687.9x + 15.214 where y is the median income and x is the percentage of 25 years and older with at least a bachelor's degree in the region. The scatter diagram indicates a linear relation between the two variables with a correlation coefficient of 0.7472. Complete parts (a) through (d). 20000 cho (a) Prodict the median income of a region in which 20% of adults 25 years and older have at least a bachalor's degree. $Round to the nearest dollar as needed.) (b) in a particular region, 28.7 percent of adults 25 years and older have at least a bachelor's degree. The median income in this region is $38, 400. Is this income higher than what you would expect? Why? than expected because the expected income is s This is (Round to the nearest dollar as needed.) (e) Interpret the slope. Select the corect choice below and fil in the answer box to complete your choice. (Type an integer or decimal. Do not round.) OA. For 0% of adults having a bachelor's degre, the madian income is predicted to be s OB. For every percent increase in adults having at least a bachelor's degree, the median income increases by S OC. For every dolar increase in median income, the percent of adults having at least a bachelor's degree is on average on average. OD. For a median income of $0, the percent of adults with a bachelor's degree is
The least-squares regression equation is y 687.9x + 15.214 where y is the median income and x is the percentage of 25 years and older with at least a bachelor's degree in the region. The scatter diagram indicates a linear relation between the two variables with a correlation coefficient of 0.7472. Complete parts (a) through (d). 20000 cho (a) Prodict the median income of a region in which 20% of adults 25 years and older have at least a bachalor's degree. $Round to the nearest dollar as needed.) (b) in a particular region, 28.7 percent of adults 25 years and older have at least a bachelor's degree. The median income in this region is $38, 400. Is this income higher than what you would expect? Why? than expected because the expected income is s This is (Round to the nearest dollar as needed.) (e) Interpret the slope. Select the corect choice below and fil in the answer box to complete your choice. (Type an integer or decimal. Do not round.) OA. For 0% of adults having a bachelor's degre, the madian income is predicted to be s OB. For every percent increase in adults having at least a bachelor's degree, the median income increases by S OC. For every dolar increase in median income, the percent of adults having at least a bachelor's degree is on average on average. OD. For a median income of $0, the percent of adults with a bachelor's degree is
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Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
Question
Transcribed Image Text:55000-
20000+
15
20
25
30
35
40
45
50
55
60
Bachelor's %
Median Income
Transcribed Image Text:The least-squares regression equation is y- 687.9x + 15,214 where y is the median income and x is the
percentage of 25 years and older with at least a bachelor's degree in the region. The scatter diagram
indicates a linear relation between the two variables with a correlation confficient of 0.7472. Complete parts
(a) through (d).
20000
15 ab 35
Bachelors
(a) Predict the median income of a region in which 20% of adults 26 years and older have at least a bachelor's degre.
$ (Round to the nearest dollar as needed.)
(b) In a particular region, 28.7 percent of adults 25 years and older have at least a bachelor's degree. The median income in this region is $38,400. Is this income higher than what you would expect? Why?
This is
than expected because the expected income i s
(Round to the nearest dollar as needed.)
(e) Interpret the slope. Select the correct choice below and fill in the answer box to complete your choice.
(Type an integer or decimal. Do not round.)
O A. For 0% of adults having a bachelor's degree, the median income is predicted to be $
O B. For every percent increase in adults having at least a bachelor's degree, the median income increases by S
on average.
OC. For every dollar increase in median income, the percent of adults having at least a bachelor's degree is
%, on average.
OD. For a median income of $0, the percent of adults with a bachelor's degree is %.
(d) Explain why it does not make sense to interpret the y-intercept. Choose the correct answer below.
O A. It does not make sense to interpret the y-intercept because a y-value of 0 is autside the scope of the model.
OB. It does not make sense to interpret the y-intercept because a y-value of 0 does not make sense.
OC. It does not make sense to interpret the y-intercept because an x-value of 0 does not make sense.
OD. It does not make sense to interpret the y-intercept because an x-value of O is outside the scope of the model.
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