What is 10 and 2/3 divided by 8?
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Answer:
a. at zero years of education, income equals $1500
Step-by-step explanation:
The equation for income 'I', as a function of years of education 't' is given by:
Where b is the regression coefficient and a is the intercept.
The intercept is the value assumed by the function for t = 0 years of education:
Since the income function measures income in $1,000s, at zero years of education, income equals $1500