Five CAD Drafters Receive Hourly Wages of $28

question 5

Short Answer

Five CAD drafters receive hourly wages of $28.88, $27.75, $32.34, $26.75, and $28.58, respectively. What is their average hourly pay?

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Definitions:

Residuals

The differences between observed values and the expected values predicted by a model.

Fitted Values

Estimates or predictions generated by a statistical model that represent the best guesses for the dependent variable based on the model and the input values.

Constant Variance

The condition in which the variance of the error terms in a regression model is the same across all levels of the independent variable.

Correlation Coefficient

A numerical index that determines both the magnitude and orientation of a linear correlation between two variables, which can vary between -1 and 1.