Consider annual salary as the Y variable and experience as
Consider annual salary as the Y variable and experience as the X variable.
a. Draw a scatterplot and describe the relationship.
b. Find the correlation coefficient.What does it tell you? Is it appropriate, compared to the scatterplot?
c. Find the least-squares regression line to predict Y from X and draw it on a scatterplot of the data.
d. Find the standard error of estimate. What does it tell you?
e. Find the standard error of the slope coefficient.
f. Find the 95% confidence interval for the slope coefficient.
g. Test at the 5% level to see if the slope is significantly different from 0. Interpret the result.
h. Test at the 1% level to see if the slope is significantly different from 0.
i. Test at the 5% level to see if the correlation coefficient is significantly different from 0.
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