Twenty-One Executives in a Large Corporation Were Randomly Selected for a Study

question 14

Short Answer

Twenty-one executives in a large corporation were randomly selected for a study in which several factors were examined to determine their effect on annual salary (expressed in $000's). The factors selected were age, seniority, years of college, number of company divisions they had been exposed to and the level of their responsibility. A regression analysis was performed using a popular spreadsheet program with the following regression output:

-What is the effect on salary for an increase of one level of responsibility if the other variables are held constant?____________

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Definitions:

Trucks

Heavy vehicles used for transporting goods and materials over land.

Opportunity Cost

The cost of forfeiting the next best alternative when making a decision, representing the benefits missed when choosing one option over another.

Alfalfa

A perennial flowering plant often used as forage for livestock, valued for its high nutrient content and adaptability to diverse climates.

Trade Benefit

The advantages a country gains from engaging in international trade, such as access to a wider variety of goods and services, economies of scale, and increased market competition.