A regression of accountants' starting salaries in a large firm was estimated using 40 new hires and five predictors (college GPA, gender, score on CPA exam, years' prior experience, size of graduating class). The standard error was $3,620. Find the approximate width of a 95 percent prediction interval for an employee's salary, assuming that the predictor values for the individual are near the means of the sample predictors. Would the quick rule give similar results?
Answer to relevant QuestionsAn agribusiness performed a regression of wheat yield (bushels per acre) using observations on 25 test plots with four predictors (rainfall, fertilizer, soil acidity, hours of sun). The standard error was 1.17 bushels. Find ...The data set below shows a sample of salaries for 39 engineers employed by the Solnar Company along with each engineer's years of experience. (a) Construct a scatter plot using Salary as the response variable and Years as ...State your a priori hypotheses about the sign (1 or 2) of each predictor and your reasoning about cause and effect. Would the intercept have meaning in this problem? Explain. (a) If you did not already do so, rerun the regression requesting variance inflation factors (VIFs) for your predictors. (b) Do the VIFs suggest that multicollinearity is a problem? Explain. A researcher used stepwise regression to create regression models to predict BirthRate (births per 1,000) using five predictors: LifeExp (life expectancy in years), InfMort (infant mortality rate), Density (population ...
Post your question