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Linear Regression of Wages and College Degree

If my dependent variable (Y) is wages
If my independent variable (X) is a 2-yr. degree versus a 4-yr. degree
Can you help me with a linear regression analysis if I have wages representing a 2 and 4 year degree?
Those wages being: 2 yr. degree, $11,702, $24,509, $35,185, $34,746
Wages for a 4 yr. degree, $29,997, $33,959, $22,133, $30,006, $83,443, $33,351, $31,304
If a linear regression cannot be performed with the data above, please explain what is missing.
Thank you.

Solution Preview

Linear regression is performed between two sets of data which is reported one to one, i.e., if there are n number of independent variable values ...

Solution Summary

This solution explains the conditions for a linear regression and the relationship between an independent and dependent variable. It also conducts a linear regression with the data on wages and college degrees including a graph, full workings and formulas in an Excel file.