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Least Squares and Scatterplot

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Sketch a scatterplot data

Let s represent salary and let t represent year. The least squares regression
line that best fits this sata set is s = 13.199t- 25,812. Sketch this line on
the graph with the scatterplot and describe what you see.

Compare this line with the line given in Example 6.2. What value for
salary do you get from each of the lines if you substitute the value 2001
for the variable t, and what do those values tell you?

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Please find the solution/explanation attached herewith.

The following table gives the median weekly earnings of full-time wage and salary workers 25 years and older who have had one to three years of college.

Year Salary($)
1980 304
1982 351
1984 382
1986 409
1988 430
1990 476
1992 485
1994 499
1995 508
1996 518
1997 535
1998 558
1999 580
2000 598

A) Sketch a scatter-plot ...

Solution Summary

This provides examples of working with data including a least squares regression and scatterplot.