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Suppose you were presented with the following prediction regression equation: Yhat = 30,000 + 2,000 (X)...

Suppose you were presented with the following prediction regression equation: Yhat = 30,000 + 2,000 (X) where the dependent variable is annual salary and the independent variable is years on the job. Interpret the value of the y-intercept (i.e., constant) and the value of the slope. Be as thorough as possible in your answer!

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Answer #1

Interpretation of y-intercept :

30,000 estimated annual salary when zero years on the job

Interpretation of slope :

2,000 estimated annual salary increase for every additional year on the job.

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