Job Person Income Age Education Experience 1 5.0 29 2 9.7 36 18 3 28.4 41 8. 21 4 8.8 30 8 12 5 21.0 34 8 14 6 26.6 36 10 16 7 25.4 61 12 16 23.1 29 12 9 9 22.5 54 12 18 10 19.5 30 12 5 11 21.7 28 12...

Data on income (in thousands of dollars), education (years), experience (years), and age (years) for twenty people are shown here;

Extracted text: Job Person Income Age Education Experience 1 5.0 29 2 9.7 36 18 3 28.4 41 8. 21 4 8.8 30 8 12 5 21.0 34 8 14 6 26.6 36 10 16 7 25.4 61 12 16 23.1 29 12 9 9 22.5 54 12 18 10 19.5 30 12 5 11 21.7 28 12 7 12 24.8 29 13 13 30.1 35 14 12 14 24.8 59 14 17 15 28.5 65 15 19 16 26.0 30 15 6 17 38.9 40 16 17 22.1: 23 16 1 10 18 19 33.1 58 17 20 48.3 60 21 17 a. Use multiple regression analysis to estimate income as a linear function of age. Write the equation, 1-statistics, and the coefficient of determination. Provide an explanation for the sign of the age coefficient. b. Use regression analysis to estimate income as a linear function of education, job experience, and age. Write the equation, t-statistics, and the coefficient of determination. How do the results of part (b) explain the results from part (a)? E c. Use the results from part (b) to estimate income-of a typical person who has 14 years of education, has 10 years of job experience, and is 45 years of age. 24