5. The following results are when use Years of Education and Years of Work to explain/predict Monthly Income. a. For this particular regression, explain what the R Squared value means? Why is the Adjusted R Squared smaller than the regular R Squared? b. What is the F Value or F Statistic for "the F test?" Is it statistically significant at the 5% level? What does this tell us? c. What has a larger impact on Monthly Income, Years of Education or Years of Work? d. What is the standard error for Years of Education? What does it tell us? e. What is the t value for Years of Education? What are we testing with this t value, in other words, what is the null hypothesis? Given this result, should we reject or not reject the null hypothesis? f. What is the p value for Years of Education? What does this p value tell us? Variance Explained R R Square Adjusted R Square Std. Error of the Estimate 0.946 0.896 0.866 1.1405 ANOVA Results Sum of Squares df Mean Square F Value P Value Regression 78.295 2 39.147 30.095 0.000 Residual 9.105 7 1.301 Total 87.400 9 Regression Coefficients Un- Standardized Coefficients standardized Coefficients B Std. Error Beta Intercept -5.504 1.298 t Value -4.421 p Value 0.004 Years Edu. 0.495 0.094 0.676 5.270 0.001 Years Work 0.210 0.056 0.485 3.783 0007
5. The following results are when use Years of Education and Years of Work to explain/predict Monthly Income. a. For this particular regression, explain what the R Squared value means? Why is the Adjusted R Squared smaller than the regular R Squared? b. What is the F Value or F Statistic for "the F test?" Is it statistically significant at the 5% level? What does this tell us? c. What has a larger impact on Monthly Income, Years of Education or Years of Work? d. What is the standard error for Years of Education? What does it tell us? e. What is the t value for Years of Education? What are we testing with this t value, in other words, what is the null hypothesis? Given this result, should we reject or not reject the null hypothesis? f. What is the p value for Years of Education? What does this p value tell us? Variance Explained R R Square Adjusted R Square Std. Error of the Estimate 0.946 0.896 0.866 1.1405 ANOVA Results Sum of Squares df Mean Square F Value P Value Regression 78.295 2 39.147 30.095 0.000 Residual 9.105 7 1.301 Total 87.400 9 Regression Coefficients Un- Standardized Coefficients standardized Coefficients B Std. Error Beta Intercept -5.504 1.298 t Value -4.421 p Value 0.004 Years Edu. 0.495 0.094 0.676 5.270 0.001 Years Work 0.210 0.056 0.485 3.783 0007
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter4: Equations Of Linear Functions
Section4.5: Correlation And Causation
Problem 15PPS
Related questions
Question
Transcribed Image Text:5. The following results are when use Years of Education and Years of Work to
explain/predict Monthly Income.
a. For this particular regression, explain what the R Squared value means?
Why is the Adjusted R Squared smaller than the regular R Squared?
b. What is the F Value or F Statistic for "the F test?" Is it statistically
significant at the 5% level? What does this tell us?
c. What has a larger impact on Monthly Income, Years of Education or Years
of Work?
d. What is the standard error for Years of Education? What does it tell us?
e. What is the t value for Years of Education? What are we testing with this t
value, in other words, what is the null hypothesis? Given this result, should
we reject or not reject the null hypothesis?
f. What is the p value for Years of Education? What does this p value tell
us?
Variance Explained
R
R Square
Adjusted R Square
Std. Error
of the
Estimate
0.946
0.896
0.866
1.1405
ANOVA Results
Sum of Squares
df
Mean Square
F Value
P Value
Regression
78.295
2
39.147
30.095
0.000
Residual
9.105
7
1.301
Total
87.400
9
Regression Coefficients
Standardized
Coefficients
Un-
standardized
Coefficients
B
Std. Error
Beta
Intercept
-5.504
1.298
t Value
-4.421
p Value
0.004
Years Edu.
0.495
0.094
0.676
5.270
0.001
Years Work
0.210
0.056
0.485
3,783
0007
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 5 steps with 10 images
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Calculus For The Life Sciences
Calculus
ISBN:
9780321964038
Author:
GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:
Pearson Addison Wesley,
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Calculus For The Life Sciences
Calculus
ISBN:
9780321964038
Author:
GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:
Pearson Addison Wesley,
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Algebra
ISBN:
9781680331141
Author:
HOUGHTON MIFFLIN HARCOURT
Publisher:
Houghton Mifflin Harcourt
Functions and Change: A Modeling Approach to Coll…
Algebra
ISBN:
9781337111348
Author:
Bruce Crauder, Benny Evans, Alan Noell
Publisher:
Cengage Learning