Use the Data Given Below to Answer the Following Questions)

question 49

Essay

Use the data given below to answer the following questions).
Following is an extract from a firm's database detailing the number of hours spent on the job by employees and their corresponding pay. Note: Assume a level of significance of 0.05 wherever necessary.) $$\begin{array} { | c | c | } \hline \text { Hours spent on the job } & \text { Salary } \$ \mathbf { ~ } \\\hline 4 & 340 \\\hline 12 & 850 \\\hline 7 & 570 \\\hline 5 & 470 \\\hline 11 & 820 \\\hline 8 & 610 \\\hline 9 & 630 \\\hline 13 & 900 \\\hline 10 & 800 \\\hline 6 & 480 \\\hline\end{array}$$
-Is the hours spent on the job a statistically significant variable in explaining the variation in pay of employees? Hint: Use Regression tool).

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Definitions:

Recency Effect

The tendency to remember the most recently presented information best.

Grocery Items

Products and goods available for purchase in supermarkets and grocery stores, typically including food, beverages, and household necessities.

Encoding Specificity Principle

A principle in psychology which posits that memory is most effectively retrieved when the information available at the time of recall is similar to the information available at the time the memory was encoded.

Procedural Memory

relates to the type of long-term memory responsible for knowing how to perform different actions and skills, essentially memory of the process of doing things.