Question: HELP ME ASAP PLEASE!!!! Given the following data set, which is salary (in thousands) and years education beyond high school, answer the questions listed below.

HELP ME ASAP PLEASE!!!!

Given the following data set, which is salary (in thousands) and years education beyond high school, answer the questions listed below.

Earnings

Education

Predicted

Error

Error2

TS

TS2

60

0

70

4

110

6

140

12

We ran an OLS regression on the data above with salary is the outcome (i.e. DV, Y, etc.) and education as the explanatory (i.e. IV or X) variable. Earnings is in thousands of dollars per year and education is in years of education past high school. The equation took the form of Y = 0 + 1 X +

The result was 0 = 40 and 1 = 10

Do the following:

  1. Fill in the predicted value for Y in the table above.
  2. Calculate the error and error2
  3. Calculate SSE, TSS, and RSS
  4. Calculate R2
  5. Calculate MAD

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