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Predictors of Salary

Suppose you went to the Bureau of Labor Statistics web site and found several predictors of your salary. State three possible predictors and a simulated multilinear regression equation along with their p-values. What does your p-values tell you about your predictors?

Solution Preview

A possible multilinear regression equation for salary could look as follows:

Annual Salary = 10,000 + 2,000*Education + 1,500*Experience + 2,500*Gender
(500) (500) (100)
p = 0.01 p = 0.03 p = 0.02

Where the values are defined as follows:
- The numbers in parenthesis represent the standard error of the corresponding coefficient
- The values after "p =" represent the p-values associated with each of those coefficients
- "Education" represents the number of years of education of the person
- "Experience" represents the number of ...

Solution Summary

The solution discusses the predictors of salary.

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