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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.