Please answer the following question with the provided output:

Write the observed regression equation FOR MODEL 2 that predicts wages from length of service. How does this new model compare with the observed regression equation FOR MODEL 1?

MODEL 2 OUTPUT:

Simple linear regression results: Dependent Variable: Wages Independent Variable: LOS Wages = 43.898554 + 0.059247663 LOS Sample size: 58 R (correlation coefficient) = 0.30409097 R-sq = 0.092471321 Estimate of error standard deviation: 9.6517109 Parameter estimates:

Parameter	Estimate	Std. Err.	Alternative	DF	T-Stat	P-value
Intercept	43.898554	2.1319695	0	56	20.590611	<0.0001
Slope	0.059247663	0.02480298	0	56	2.3887317	0.0203

Analysis of variance table for regression model:

Source	DF	SS	MS	F-stat	P-value
Model	1	531.54904	531.54904	5.7060389	0.0203
Error	56	5216.7093	93.155523
Total	57	5748.2583

MODEL 1 OUTPUT:

Simple linear regression results: Dependent Variable: Wages Independent Variable: LOS Wages = 44.212809 + 0.073099473 LOS Sample size: 60 R (correlation coefficient) = 0.30335165 R-sq = 0.092022221 Estimate of error standard deviation: 11.979078 Parameter estimates:

Parameter	Estimate	Std. Err.	Alternative	DF	T-Stat	P-value
Intercept	44.212809	2.6282425	0	58	16.822195	<0.0001
Slope	0.073099473	0.030150291	0	58	2.4245031	0.0185

Analysis of variance table for regression model:

Source	DF	SS	MS	F-stat	P-value
Model	1	843.51399	843.51399	5.8782152	0.0185
Error	58	8322.9024	143.49832
Total	59	9166.4164