Please see attachment and help me explain the regression analysis and scatter plot.
I ran this regression analysis. My hypothesis is that there is a positive linear relationship between years of education and salary. I used the following data set for this. (see attachment) Table 1: Wages and Wage Earners Data Set
I NEED to be able to explain the analysis in simple words. I believe that it shows a positive linear relationship. Also help me explain the scatter plot below (see attachment).
r² 0.167 n 100
r 0.408 k 1
Std. Error 15550.444 Dep. Var. Wage
Source SS df MS F p-value
Regression 4,735,209,494.9482 1 4,735,209,494.9482 19.58 2.50E-05
Residual 23,697,996,987.8918 98 241,816,295.7948
Total 28,433,206,482.8400 99
Regression output confidence interval
variables coefficients std. error t (df=98) p-value 95% lower 95% upper
Intercept -699.9501 7,293.6714 -0.096 .9237 -15,174.0032 13,774.1031
Ed 2,477.0943 559.7779 4.425 2.50E-05 1,366.2334 3,587.9552
The solution provides step by step method for the calculation of regression model Wages and Wage Earners Data Set. Formula for the calculation and Interpretations of the results are also included.