7. Multiple regression analysis is used to study how an individual’s income (y, in thousands of…

7. Multiple regression analysis is used to study how an individual’s income (y, in thousands of dollars) is influenced by age (x1, in years), level of education (22, ranging from 1 to 5), and the individual’s gender (23, where 0 = female and 1 = male). The following shows parts of the regression output for a sample of 20 individuals. 21 Variable Coefficient 0.63 0.92 -0.51 S Sres = 112, SSexp = 84 Standard Error 0.09 0.19 0.92 23 (a) Compute the multiple coefficient of determination. (b) Interpret the estimated coefficient for x3. (c) Perform a t test to determine whether the coefficient for the “level of education” is significantly different from zero. Use a = 0.05.