A Professor of Economics Wants to Study the Relationship Between

question 170

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. $$\begin{array} { | l | c | c | c | c | c | c | c | c | } \hline \text { Education } & 16 & 11 & 15 & 8 & 12 & 10 & 13 & 14 \\\hline & & & & & & & & \\\hline \text { Income } & 58 & 40 & 55 & 35 & 43 & 41 & 52 & 49 \\\hline\end{array}$$ Predict with 95% confidence the income of an individual with 10 years of education.

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Definitions:

Entrepreneur

An individual who starts and manages a business venture, taking on financial risks in the hope of profit.

User-Driven Prototype

A preliminary version of a product designed based on the feedback and requirements of its intended users to meet their specific needs.

Ideal Version

The best or most perfect version that something can be, often used as a benchmark or goal for development and improvement.

Potential Customer

is an individual or organization that could become a purchaser or user of a company's products or services based on their interests or needs.