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2. [-/7 Points] DETAILS MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER We assume that our wages will increase as we gain experience and become more valuable to our employers. Wages also increase because of inflation. By examining a sample of employees at a given point in time, we can look at part of the picture. How does length of service (LOS) relate to wages? The data here (data241.dat) is the LOS in months and wages for 60 women who work in Indiana banks. Wages are yearly total income divided by the number of weeks worked. We have multiplied wages by a constant for reasons of confidentiality. (a) Plot wages versus LOS. Consider the relationship and whether or not linear regression might be appropriate. (Do this on paper. Your instructor may ask you to turn in this graph.) (b) Find the least-squares line. Summarize the significance test for the slope. What do you conclude? Wages = 1+ LOS t = P = (c) State carefully what the slope tells you about the relationship between wages and length of service. o For an increase of one month experience one can expect on average that the change in wages will be 0.05. 0 0.05% of the variation in wages is due to the variation in experience. 0 0.05% of the variation in experience is due to the variation in wages. For an increase of one unit of wages one can expect on average that the change in experience will be 0.05. (d) Give a 95% confidence interval for the slope