The following estimated regression equation was developed relating yearly income (y in $1000s) of 30 individuals with their age (x 1 ) and their gender (x 2 ) (0 if male and 1 if female) . 1 ) and their gender (x 2 ) (0 if male and 1 if female) . = 30 + .7x 1 + 3x 2 Also provided are SST = 1200 and SSE = 384.The yearly income (in $) expected of a 24-year-old female individual is A) $19.80. B) $19,800. C) $49.80. D) $49,800. class=answers-bank-image d-inline rel=preload = 30 + .7x 1 + 3x 2 Also provided are SST = 1200 and SSE = 384.The yearly income (in $) expected of a 24-year-old female individual isA) $19.80.B) $19,800.C) $49.80.D) $49,800.

Question

The following estimated regression equation was developed relating yearly income (y in $1000s)  of 30 individuals with their age (x 1 )  and their gender (x 2 )  (0 if male and 1 if female) . ​  1 )  and their gender (x 2 )  (0 if male and 1 if female) . ​   = 30 + .7x 1  + 3x 2  ​ Also provided are SST = 1200 and SSE = 384.The yearly income (in $)  expected of a 24-year-old female individual is A)  $19.80. B)  $19,800. C)  $49.80. D)  $49,800. class=answers-bank-image d-inline rel=preload > = 30 + .7x 1  + 3x 2 ​Also provided are SST = 1200 and SSE = 384.The yearly income (in $)  expected of a 24-year-old female individual isA)  $19.80.B)  $19,800.C)  $49.80.D)  $49,800.

Bryce Allen · Accepted Answer

Final Answer : D, Explanation :  Plug in the values for age and gender in the regression equation:y = 30 + 0.7(24) + 3(1)y = 30 + 16.8 + 3y = 49.8 (in $1000s)To convert to dollars, multiply by 1000:y = 49.8 * 1000 = $49,800

Definitions

Learning Objectives

Learning Objectives

Related questions