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For example, if Y is annual income ($1000/year), X1 is educational level (number of years of schooling),X2 is number of years of work experience, and X3 is gender (X3 = 0 is male, X3 = 1 is female), then aftera linear regression of the data collected as below:Estimate Std. Error t value Pr(>|t|)(Intercept) 14 7 2 0.031X1 0.6 0.24 2.5 0.011X2 1 0.33 3 0.004X3 1 0.25 4 0.000Residual standard error: 2.7 on 16 degrees of freedomwe assume the estimated parameters are the true values.
Try to answer the questions below:
(a). What is the average difference of annual income between women and men if their otherconditions are the same?
(b). What is the average annual income of a female with 8 years of eduction and 20 years ofworking experience? What about a male of the same condition?
(c). What is the probability that a female with 16 years education and no work experiencewill earn more than $28,000/year?
What would you predict the price per share to be if 95 million shares were offered?
Based on the results of the test, can the consumer group report in its next publication that the tires last less than 60,000 miles?
Carpet City wants to develops a means to forecast it carpet sale. The store manager believes that the store's sale are directly related to the number of new housing starts in town.
Compute the variance and standard deviation of the number that will arrive within two days.
The "t-statistic" for testing whether the slope parameter was unity or not was -3.6. What is the estimated standard error for the estimated slope coefficient?
Give an example of a polynomial with degree 3 such that when factored, it contains the two factors (x+5) and (2x-1), i.e., the polynomial looks like (x+5)(2x-1)(?).
the over $50,000 income range did not own a dishwasher. If one household is randomly selected from each income group. Determine the probability that neither household will own a dishwasher.
Assume there are 18 homes in the Quail Creek area and 9 of them have a security system. Five homes are selected at random: what is the probability all five of the selected homes have a security system?
Suppose U is a Unit (25, 50) random variable.Find the CDF of U and sketch a graph.
Find out the expected winnings for a person who buys one ticket.
The Restaurants McBurger says that the waiting time for customers is 3 minutes with a standard deviation of population 1 minute. The quality control department found in a sample of 50 clients that the average waiting time was 2.75 minutes.
High precision titanium spheres are popular components in manufacturing of ball bearings. A factory has ordered a shipment of 5000 titanium spheres from aboard. It is found that the shipment has a mean radius of 1.5 cm with a standard deviation ..
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