6. The average hourly earnings, in US dollars, of US production workers for 2005 - 2013...

 

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6. The average hourly earnings, in US dollars, of US production workers for 2005 - 2013 are shown in the table below, where t = 1 corresponds to the year 2005. Year 1 2 3 4 5 6 7 8 9 Average Hourly Earnings 15.91 16.42 17.75 17.09 18.41 18.89 19.31 19.57 19.94 Source: FRED Economic Data, Federal Reserve Bank of St. Louis A. Find a linear regression equation and correlation coefficient. Round to the nearest 0.001. B. Find a quadratic regression equation and coefficient of determination. Round to the nearest 0.001. C. Find the hourly earnings predicted for 2023 for both models. D. Use your answer from part (C) and the residual plots from both curves to decide which regression equation models the data best. Explain. 6. The average hourly earnings, in US dollars, of US production workers for 2005 - 2013 are shown in the table below, where t = 1 corresponds to the year 2005. Year 1 2 3 4 5 6 7 8 9 Average Hourly Earnings 15.91 16.42 17.75 17.09 18.41 18.89 19.31 19.57 19.94 Source: FRED Economic Data, Federal Reserve Bank of St. Louis A. Find a linear regression equation and correlation coefficient. Round to the nearest 0.001. B. Find a quadratic regression equation and coefficient of determination. Round to the nearest 0.001. C. Find the hourly earnings predicted for 2023 for both models. D. Use your answer from part (C) and the residual plots from both curves to decide which regression equation models the data best. Explain.

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A To find the linear regression equation and correlation coefficient we will use a calculator or sta... View the full answer