A Professor of Economics Wants to Study the Relationship Between

question 92

Essay

A professor of economics wants to study the relationship between income y (in $1000s) and education x (in years). A random sample of eight individuals is taken and the results are shown below. $$\begin{array} { | l | c | c | c | c | c | c | c | c | } \hline \text { Education } & 16 & 11 & 15 & 8 & 12 & 10 & 13 & 14 \\\hline \text { Income } & 58 & 40 & 55 & 35 & 43 & 41 & 52 & 49 \\\hline\end{array}$$ Determine the standard error of estimate, and describe what this statistic tells you about the regression line.

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Definitions:

Financial Autonomy

The state of having control over one's own financial decisions and resources.

Transition to College

The period of adjustment and adaptation experienced by students as they move from high school to college life.

Young Adults

Individuals in the age range of approximately 18-25 years, navigating the transition from adolescence to full adulthood.

Just Over 50%

A term indicating a slight majority or a proportion slightly more than half in a given context.