A Professor of Economics Wants to Study the Relationship Between

question 31

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. $$\begin{array} { | l | c | c | c | c | c | c | c | c | } \hline \text { Education } & 16 & 11 & 15 & 8 & 12 & 10 & 13 & 14 \\\hline \text { Income } & 58 & 40 & 55 & 35 & 43 & 41 & 52 & 49 \\\hline\end{array}$$ Conduct a test of the population slope to determine at the 5% significance level whether a linear relationship exists between years of education and income.

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Definitions:

Voluptuous

Relating to, characterized by, or derived from sensual pleasure; often used to describe a full-figured body type that is considered sexually attractive.

Blind Date

A social engagement between two people who have not previously met, typically arranged by a mutual acquaintance.

Demographic Characteristics

Statistical aspects of a population such as age, race, gender, income level, and education.

Values And Attitudes

Deeply held beliefs and feelings that influence an individual's choices and behaviors.