Diiscuss the below:
Q: The following table gives the median weekly earnings of full-time wage and salary workers 25 years and older who have had one to three years of college.
| Year |
Salary($) |
| 1980 |
304 |
| 1982 |
351 |
| 1984 |
382 |
| 1986 |
409 |
| 1988 |
430 |
| 1990 |
476 |
| 1992 |
485 |
| 1994 |
499 |
| 1995 |
508 |
| 1996 |
518 |
| 1997 |
535 |
| 1998 |
558 |
| 1999 |
580 |
| 2000 |
598 |
A.) Sketch a scatterplot data
B.) Let s represent salary and let t represent year. The least squares regression line that best fits this sata set is s = 13.199t- 25,812. Sketch this line on the graph with the scatterplot and describe what you see.
C.) Compare this line with the line given in Example 6.2. What value for salary do you get from each of the lines if you substitute the value 2001 for the variable t, and what do those values tell you?
| Example 6.2 |
|
|
| Year |
Salary($) |
| 1980 |
376 |
| 1982 |
430 |
| 1984 |
486 |
| 1986 |
525 |
| 1988 |
585 |
| 1990 |
639 |
| 1992 |
697 |
| 1994 |
733 |
| 1995 |
747 |
| 1996 |
758 |
| 1997 |
779 |
| 1998 |
821 |
| 1999 |
860 |
| 2000 |
896 |