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Question Interpret the slope of the regression equation Salary=$95,000+$1,280⋅(Years)\text{Salary} = \$95,000 + \$1,280 \cdot (\text{Years}) in the context of professor salaries.

Studdy Solution

STEP 1

Assumptions
1. The regression equation given is Salary=95000+1280⋅(Years)\text{Salary} = 95000 + 1280 \cdot (\text{Years}).
2. "Salary" represents the annual salary of a professor in dollars.
3. "Years" represents the number of years a professor has worked at a college.
4. The slope of the regression line is the coefficient of "Years" in the equation, which is 1280.

STEP 2

The slope in a regression equation represents the estimated change in the dependent variable (in this case, Salary) for each one-unit increase in the independent variable (in this case, Years).

STEP 3

Interpret the slope in the context of the data by explaining what a slope of 1280 means for the Salary with respect to the Years.
Slope Interpretation: For each additional year a professor works, their annual salary is expected to increase by $1280.\text{Slope Interpretation: For each additional year a professor works, their annual salary is expected to increase by \$1280.}

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