First consider the following chart of education versus...

First, consider the following chart of education versus average income. Below it, use Excel functions to find the slope and y-intercept of the best-fit line for the given coordinates. Then, to the right, use the slope and y-intercept to calculate the average weekly income for all years of education from 8 through 24. Finally, create a chart showing the BLS data as a scatterplot, and add an auto trendline to this chart showing years of education versus predicted average income superimposed on the BLS data and forecasting backward to 8 years and forward to 24 years. (That is, the line should start at 8 years and end at 24 years on the horizontal axis.)

Transcript

00:01 This you have done in excel.

00:01 I'm assuming that i could also do this in excel.

00:06 It says on this sheet you will investigate the relationship between the years of education and average income.

00:13 First consider the following chart of education versus average income.

00:19 Below it, use excel functions, so it says to use excel functions to find the slope and y intercept of the best line, best fit line for the given coordinates.

00:29 Then to the right, use the slope and the y intercept.

00:31 To calculate the average weekly income for all years education from 8 to 24.

00:38 Finally, create a chart showing the bls data as a scatter plot and add an auto trend line to this chart showing the years of education versus predicted average income superimposed on the bls data and forecast backward eight years and forward 24 years.

00:56 That is, the line should start at eight years and end at 24 years.

01:01 On the horizontal axes.

01:04 Here you should format your slope and y intercept as numbers with zero decimal places and your average weekly income as a currency with the dollar symbol and zero decimal places.

01:17 In case you'd like to explore the data, it gives the website for that.

01:24 So add your chart here in x and y scatter plot of the bls data in columns a and b, and b, not the data columns in c &d plus an auto trend line forecasting backward 8 in forward 24 years.

01:43 All right.

01:44 So i am going to first insert a scatter plot using the bls data.

01:54 Okay.

01:55 So here is my bls data.

02:03 And i'm going to add in a trend line.

02:10 And there is my trend line.

02:15 Which is the same exact trend line that you do have.

02:20 I'm just going to make it a little bit bigger and bolder.

02:24 And what we can do is we can forecast backward and forward.

02:31 So i want to go back two periods.

02:37 So to 2008.

02:39 I'm sorry, i want to go forward two periods and i want to go backward to periods.