Year: Year from 1970 to 2001
MinWage: Minimum wage adjusted for inflation
Data Set:
1970 6.30
1971 6.00
1972 5.75
1973 5.50
1974 6.20
1975 6.00
1976 6.25
1977 5.90
1978 6.30
1979 6.35
1980 6.10
1981 6.05
1982 5.80
1983 5.50
1984 5.25
1985 5.10
1986 5.00
1987 4.90
1988 4.75
1989 4.50
1990 4.90
1991 5.20
1992 5.05
1993 5.00
1994 4.90
1995 4.80
1996 5.20
1997 5.60
1998 5.50
1999 5.40
2000 5.30
2001 5.20
After adjusting for inflation, the real value of the minimum wage has actually decreased over the past few years. This is in contrast to the 1970s, in which the real value of the minimum wage generally increased. Find the regression equation for predicting MinWage using the variable year. What is the value of the Durbin-Watson statistic? Test for positive autocorrelation of the error terms using a 5% significance level.