ECO220Y1 Midterm: ECO220Y1Y UTSG Term Test 220 5 APR16 FORM A Solution
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correlation:
medInc $ | HS degree % | |
med inc | 1 | |
HS degree % | -0.033158666 | 1 |
regression:
multiple R | .03315867 |
R Square | .0010995 |
adjusted r sq | -.0177477 |
standard error | 6902.6743 |
observation | 55 |
df | ss | ms | f | sig. f | |
regression | 1 | 2779601.33 | 22779601.33 | .05833749 | .81007522 |
residual | 53 | 2525286360 | 47646912.5 | ||
total | 54 | 25280659 |
coefficients | standard error | t stat | p-value | lower 95% | upper 95% | lower 95.0% | upper 95.0% | |
interpret | 42273.3497 | 13809.7807 | 3.0611665 | .00345814 | 14574.4373 | 69972.2621 | 14574.4373 | 69972.2621 |
hs degree | -49.414226 | 204.587042 | -.2415316 | .81007522 | -459.76387 | 360.935414 | -459.76386 | 360.935414 |
a. very briefly interpret the estimated correlation coefficient...the direction and strength of the correlation
b. List and label the dependent variable and independent variable
c. based on regression results if a country's percentage of the population with at least a high school diploma increases by 1 by how much and in one direction does a country's median income change?
d. what is the predicted medinc for an HS degree of 70%
e. what proportion of the variation in medinc is explained by our regression model explained by variation in HS degree?