The following table shows the minimum wage rates for the United States during different years. Year 1978 1979 1980 1990 1991 1996 1997 2007 2008 2009 Minimum hourly wage ($) 2.65 2.90 3.35 3.80 4.25 4.75 5.15 5.85 6.55 7.25 Write the least squares regression equation that models the data. Let x equal time in years since 1900 and let y equal minimum hourly wage. Use the equation to estimate the minimum hourly wage of a US worker in 2025. Show your work.
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
- The following table shows the minimum wage rates for the United States during different years.
|
Year |
1978 |
1979 |
1980 |
1990 |
1991 |
1996 |
1997 |
2007 |
2008 |
2009 |
|
Minimum hourly wage ($) |
2.65 |
2.90 |
3.35 |
3.80 |
4.25 |
4.75 |
5.15 |
5.85 |
6.55 |
7.25 |
- Write the least squares regression equation that models the data. Let x equal time in years since 1900 and let y equal minimum hourly wage.
- Use the equation to estimate the minimum hourly wage of a US worker in 2025. Show your work.
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I need to see how to do it using excel spreadsheet , find the linear least squares regression equation let x=time in years since 1900 and y= minimum hourly wage. Use equation to estimate the minimum hourly wage of U.S workers in 2025 show work with calculations
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