Based upon the data given, estimate the average weekly salary this year.

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squishyturtle

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Feb 12, 2017
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Hello!
I am working on my homework for introductory statistics, and I am having some serious problems answering a question. The question is "Based upon the data given, estimate the average weekly salary this year. How confident are you in your estimate? You should use a linear regression model to make your prediction". I have already calculated the least squares regression line (y= 11.161x -21865), however, I do not know how to calculate the average from this equation. Any help that can be provided will be greatly appreciated!:D

The X and Y variables are in the replies section
 
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squishyturtle said:
Hello!
I am working on my homework for introductory statistics, and I am having some serious problems answering a question. The question is "Based upon the data given, estimate the average weekly salary this year. How confident are you in your estimate? You should use a linear regression model to make your prediction". I have already calculated the least squares regression line (y= 11.161x -21865), however, I do not know how to calculate the average from this equation. Any help that can be provided will be greatly appreciated!:D
Click to expand...
To answer this question we need to know what x represents and what y represents.
 
X and Y variables

The X variables are

1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996

And the Y variables are
101.84
107.73
114.61
119.83
127.31
136.90
145.39
154.76
163.53
174.45
189.00
203.70
219.91
235.10
255.20
267.26
280.70
292.86
299.09
304.85
312.50
322.02
334.24
345.35
353.98
363.61
373.64
385.86
394.34
406.26

sorry I know there are a lot
 
OK, so x represents the year and y represents the average weekly salary.

So, you know x=2017 (this year), what is y (average weekly wage in that year)?

This is called extrapolation because 2017 is outside your data set.

How well does the line fit the data?
 
Oh, I just realized that 2017 can be put into the equation, my bad! Thank you for your help @Harry_the_Cat!
 
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