The file P02_07.xlsx includes data on 204 employees at the (fictional) company Beta Technologies.
a. Estimate a multiple regression equation to explain the variation in employee salaries at Beta Technologies using all of the potential explanatory variables.
b. Using the regression output, determine which of the explanatory variables, if any, should be excluded from the regression equation. Justify your choices.
c. Regardless of your answer to part b, exclude the least significant variable (not counting the constant) and estimate the resulting equation. Would you conclude that this equation and the one from part a are equally good? Explain.