Find and interpret the regression equation and regression coefficients
Consider the prediction of annual salary from age alone (as compared to exercise 1, where experience was also used as an X variable). a. Find the regression equation to predict annual salary from age. b. Using results from part a of exercise 1 and this exercise, compare the effect of age on annual salary with and without an adjustment for experience. c. Test whether age has a significant impact on annual salary with and without an adjustment for experience. Briefly discuss your results. Exercise 1 Consider the prediction of annual salary from age and experience. a. Find and interpret the regression equation and regression coefficients. b. Find and interpret the standard error of estimate. c. Find and interpret the coefficient of determination. d. Is the model significant? What does this tell you? e. Test each regression coefficient for significance and interpret the results. f. Find and interpret the standardized regression coefficients. g. Examine the diagnostic plot and report serious problems, if there are any.