Activity I – Your firm is interested in learning more about how its salaries relate to its employees’ tenure with the firm. It has collected the following data for 25 of its employees.
EMPLOYEE NUMBER
TENURE (YEARS)
SALARY ($)
1
15
53,908
2
32
78,230
3
14
55,164
4
20
57,647
5
25
63,111
6
14
54,991
7
28
74,571
8
30
73,189
9
28
71,859
10
17
55,978
11
14
61,676
12
6
44,865
13
21
64,676
14
11
59,101
15
14
58,441
16
32
81,964
17
29
76,373
18
33
82,860
19
27
70,019
20
16
58,474
21
26
80,074
22
3
45,594
23
14
63,676
24
9
68,444
25
14
70,306
Plot these data points and describe using regression how salary relates to firm tenure for this group.
Activity II – The data attached contains information on customers’ ratings of your product (CustRate), on a scale of 1 to 100, along with demographic information. The demographic information includes: income (Inc), age (Age), education (Educ), and marital status (Marr). The last variable equals one if the respondent is married and zero otherwise. Assume the data-generating process can be written as:
CustRate i=α+β1Inc i+β2Age i+β3Educ i+β4Marr i+U i.
a. Test the hypothesis that income has no impact on customer rating, using a confidence level of 95%. Be sure to provide the reasoning behind your result.
b. Test the hypothesis that β2=0.05, using a confidence level of 90%. Be sure to provide the reasoning behind your result.
c. Build a 95% confidence interval for the impact of education on customer rating. Be sure to provide the reasoning for your result.
d. Build a 95% confidence interval for the impact of being married on customer rating. Be sure to provide the reasoning for your result.
e. Predict the change in customer rating if a customer’s income increases by $10,000, with no change in age, education, or marital status.
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