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SCENARIO 17-10 Given Below Are Results from the Regression Analysis 1=1 =

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SCENARIO 17-10 Given below are results from the regression analysis where the dependent variable is the number of weeks a worker is unemployed due to a layoff (Unemploy) and the independent variables are the age of the worker (Age), the number of years of education received (Edu), the number of years at the previous job (Job Yr), a dummy variable for marital status (Married: 1=1 = married, 0=0 = otherwise), a dummy variable for head of household (Head: 1=1 = yes, 0=0 = no) and a dummy variable for management position (Manager: 1=1 = yes, 0=0 = no). We shall call this Model 1. The coefficient of partial determination ( Ry2R _ { \mathrm { y } } ^ { 2 } (All raiables excopt jj ) ) of each of the 6 predictors are, respectively, 0.28070.2807 , 0.0386,0.0317,0.0141,0.09580.0386,0.0317,0.0141,0.0958 , and 0.12010.1201 .

 Regression Statistics  Multiple R 0.7035 R Square 0.4949 Adjusted R 0.4030 Square  Standard 18.4861 Error  Observations 40\begin{array}{lr}\hline{\text { Regression Statistics }} \\\hline \text { Multiple R } & 0.7035 \\\text { R Square } & 0.4949 \\\text { Adjusted R } & 0.4030 \\\text { Square } & \\\text { Standard } & 18.4861 \\\text { Error } & \\\text { Observations } & 40 \\\hline\end{array}
 ANOVA \text { ANOVA }
 SCENARIO 17-10 Given below are results from the regression analysis where the dependent variable is the number of weeks a worker is unemployed due to a layoff (Unemploy) and the independent variables are the age of the worker (Age), the number of years of education received (Edu), the number of years at the previous job (Job Yr), a dummy variable for marital status (Married:  1 =  married,  0 =  otherwise), a dummy variable for head of household (Head:  1 =  yes,  0 =  no) and a dummy variable for management position (Manager:  1 =  yes,  0 =  no). We shall call this Model 1. The coefficient of partial determination (  R _ { \mathrm { y } } ^ { 2 }  (All raiables excopt  j  ) ) of each of the 6 predictors are, respectively,  0.2807 ,  0.0386,0.0317,0.0141,0.0958 , and  0.1201 .   \begin{array}{lr} \hline{\text { Regression Statistics }} \\ \hline \text { Multiple R } & 0.7035 \\ \text { R Square } & 0.4949 \\ \text { Adjusted R } & 0.4030 \\ \text { Square } & \\ \text { Standard } & 18.4861 \\ \text { Error } & \\ \text { Observations } & 40 \\ \hline \end{array}    \text { ANOVA }       \begin{array}{l} \begin{array} { l r r r r r r }  \hline & \text { Coefficients } & \text { Standard Error } & { t \text { Stat } } & \text { P-value } & \text { Lower 95\% } & \text { Upper 95\% } \\ \hline \text { Intercept } & 32.6595 & 23.18302 & 1.4088 & 0.1683 & - 14.5067 & 79.8257 \\ \text { Age } & 1.2915 & 0.3599 & 3.5883 & 0.0011 & 0.5592 & 2.0238 \\ \text { Edu } & - 1.3537 & 1.1766 & - 1.1504 & 0.2582 & - 3.7476 & 1.0402 \\ \text { Job Yr } & 0.6171 & 0.5940 & 1.0389 & 0.3064 & - 0.5914 & 1.8257 \\ \text { Married } & - 5.2189 & 7.6068 & - 0.6861 & 0.4974 & - 20.6950 & 10.2571 \\ \text { Head } & - 14.2978 & 7.6479 & - 1.8695 & 0.0704 & - 29.8575 & 1.2618 \\ \text { Manager } & - 24.8203 & 11.6932 & - 2.1226 & 0.0414 & - 48.6102 & - 1.0303 \\ \hline \end{array} \end{array}  -Referring to Scenario 17-10 Model 1, ________ of the variation in the number of weeks a worker is unemployed due to a layoff can be explained by whether the worker is head of household while controlling for the other independent variables.


 Coefficients  Standard Error t Stat  P-value  Lower 95%  Upper 95%  Intercept 32.659523.183021.40880.168314.506779.8257 Age 1.29150.35993.58830.00110.55922.0238 Edu 1.35371.17661.15040.25823.74761.0402 Job Yr 0.61710.59401.03890.30640.59141.8257 Married 5.21897.60680.68610.497420.695010.2571 Head 14.29787.64791.86950.070429.85751.2618 Manager 24.820311.69322.12260.041448.61021.0303\begin{array}{l}\begin{array} { l r r r r r r } \hline & \text { Coefficients } & \text { Standard Error } & { t \text { Stat } } & \text { P-value } & \text { Lower 95\% } & \text { Upper 95\% } \\\hline \text { Intercept } & 32.6595 & 23.18302 & 1.4088 & 0.1683 & - 14.5067 & 79.8257 \\\text { Age } & 1.2915 & 0.3599 & 3.5883 & 0.0011 & 0.5592 & 2.0238 \\\text { Edu } & - 1.3537 & 1.1766 & - 1.1504 & 0.2582 & - 3.7476 & 1.0402 \\\text { Job Yr } & 0.6171 & 0.5940 & 1.0389 & 0.3064 & - 0.5914 & 1.8257 \\\text { Married } & - 5.2189 & 7.6068 & - 0.6861 & 0.4974 & - 20.6950 & 10.2571 \\\text { Head } & - 14.2978 & 7.6479 & - 1.8695 & 0.0704 & - 29.8575 & 1.2618 \\\text { Manager } & - 24.8203 & 11.6932 & - 2.1226 & 0.0414 & - 48.6102 & - 1.0303 \\\hline\end{array}\end{array}
-Referring to Scenario 17-10 Model 1, ________ of the variation in the number of weeks a
worker is unemployed due to a layoff can be explained by whether the worker is head of
household while controlling for the other independent variables.


Definitions:

Risk-averse

Describes individuals or entities that prefer to avoid risk and would rather settle for a less uncertain outcome than a potentially higher but risky return.

Expected Income

The amount of money an individual or entity anticipates to receive over a certain period, often based on current or past earnings.

Risk-averse

Describes individuals or entities that prefer to avoid risk and choose the option with the least uncertainty and potential for loss.

Subjective Probabilities

Probabilities based on personal judgment and beliefs rather than objective data or mathematical calculations.

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