A Sample of Six Recent College Graduates Shows Their Current

Essay

A sample of six recent college graduates shows their current annual income (in $1000s), years of education, and current age (in years). The data follow: $$\begin{array} { l l l } \text { Income } & \text { Education } & \text { Age } \\47.8 & 2 & 20 \\37.3 & 2 & 25 \\33.5 & 2 & 30 \\79 & 4 & 20 \\67 & 4 & 25 \\39.3 & 4 & 30\end{array}$$ Use Excel's Regression tool to estimate a general linear model of the form that predicts annual income. $$y = \beta _ { 0 } + \beta _ { 1 } x _ { 1 } + \beta _ { 2 } x _ { 2 } + \beta _ { 3 } x _ { 1 } x _ { 2 } + \varepsilon$$ ​