Multiple regression analysis was used to study how an individual's income (y in thousands of dollars) is influenced by age (x1 in years), level of education (x2 ranging from 1 to 5), and the person's gender (x3 where 0 =female and 1=male). The following is a partial result of Excel output that was used on a sample of 20 individuals.
a.Compute the coefficient of determination.
b.Perform a t test and determine whether or not the coefficient of the variable "level of education" (i.e., x2) is significantly different from zero. Let = 0.05.
c.At = 0.05, perform an F test and determine whether or not the regression model is significant.
d.As you note the coefficient of x3 is -0.510. Fully interpret the meaning of this coefficient.
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