Answer Happy

This regression is on 1744 individuals and the relationship between their weekly earnings (EARN, in dollars) and their "Age" (in years) during the year 2020. The regression yields the following result: Estimated (EARN) = 239.16 +5.20(Age), R² = 0.05, SER = 287.21 (a) Interpret the intercept and slope coefficient results. (b) Why should age matter in the determination of earnings? Do the above results suggest that there is a guarantee for earnings to rise for everyone as they become older? Do you think that the relationship between age and earnings is linear? Explain. (assuming that individuals in this case work 52 weeks in a year) (c) The average age in this sample is 37.5 years. What is the estimated annual earnings in the sample? (assuming that individuals in this case work 52 weeks in a year) (d) Interpret goodness of fit.