Incomes of Physicians an Economist Is Analyzing the Incomes of Physicians (General

question 5

Essay

Incomes of Physicians
An economist is analyzing the incomes of physicians (general practitioners,surgeons,and psychiatrists).He realizes that an important factor is the number of years of experience.However,he wants to know if there are differences among the three professional groups.He takes a random sample of 125 physicians and estimates the multiple regression model y = β₀ + β₁x₁ + β₂x₂ + β₃x₃ + ε,where y = annual income (in $1,000),x₁ = years of experience,x₂ = 1 if physician and 0 if not,and x₃ = 1 if surgeons and 0 if not.The computer output is shown below. THE REGRESSION EQUATION IS y = 71.65 + 2.07x₁ + 10.16x₂− 7.44x₃ S = 42.6 R−Sq = 30.9% ANALYSIS OF VARIANCE ​ ​
-{Incomes of Physicians Narrative} Estimate the annual income for a psychiatrist with 15 years of experience.

---

Definitions:

Transported

Refers to materials or sediment that have been moved and deposited in a new location by natural processes.

Delta

A landform at the mouth of a river where it splits into several branches, depositing sediments carried from upstream, typically forming a triangular shape.

Deposits Load

Material carried by water, wind, or ice and deposited in a new location, contributing to the formation of sedimentary layers and landforms.

Sediments

Particles of rock, mineral, or organic material deposited by water, wind, or ice, often forming layers on Earth's surface.