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Confidence the increase in annual income

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Reference no: EM131474108

It seems rather obvious that the longer one works the more one earns. The question is how much more one earns annually for each additional hour of work. Conduct an analysis of annual income (INCOME) and number of hours per week of work (HRS1).

a. Test to determine whether there is a positive relationship. [ Hint: state the hypotheses you are using, and explain how you reach your conclusion i.e use the P-value or rejection region approach]

b. Estimate with 95% confidence the increase in annual income for each additional hour of work per week. [ Hint: construct the 95% confidence interval estimate of β1 ]

Reference no: EM131474108

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