Refer to the Wage data which reports information on annual wages for a sample of 100 workers. This data set includes variables relating to industry, years of education, and the gender for each worker. Determine the regression equation using annual wage as the dependent variable and year of education, gender, years of work experience, age in years, and whether or not the worker is a union member. Please see this video for more details.
A.) Write out the regression equation. How much does each year of education and each year of experience add to the annual wage?
B.) Determine the value of R-squared. Provide an interpretation of the variance R-squared represents.
C.) Develop a correlation matrix. Which independent variables have strong or weak correlations with the dependent variable (wage)?
Biblical Application:
Identify one statistical concept you plan on using that has had an impact on your Christian values and discuss how you plan on using this in your everyday life.
