Question

(a) Predict the median income of a region in which 30% of adults 25 years and older have at least a bachelor's degree.

Answer 1

Answer:

(a). $35746. (b). Higher.

Step-by-step explanation:

(a). Given that the least-squares regression equation is y = 7163x + 14242. Also, in the question above we are given that y is the median income and x is the percentage of 25 years and older with at least a bachelor's degree in the region, that is to say that the value of x = 30.

Therefore, y = 7163x + 14242.

y = (7163 × 30) + 14242.

y = $35746.

(b). The condition for our x is; 28.7 percent of adults 25 years and older have at least a bachelor's degree.

Then, y = (7163 × 28.7) + 14242.

y = $34814.

Hence, we have the median income in this region = $38,163 HIGHER than $34814.