The following estimated regression model was developed relating yearly income (y in $1000s) of 30 individuals with their age (x1) and their gender (x2) (0 if male and 1 if female). Å· = 30 + 0.7x1 + 3x2 Also provided are SST = 1200 and SSE = 384. The estimated income of a 30-year-old male is _____. a. $51 b. $510 c. $5100 d. $51,000
Added by Richard B.
Step 1
The model is Å· = 30 + 0.7x1 + 3x2. Given that the person is a 30-year-old male, we substitute x1 = 30 (age) and x2 = 0 (male). So, the estimated income becomes Å· = 30 + 0.7*30 + 3*0 = 30 + 21 = $51,000. Show more…
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