Mathematics, 06.05.2020 03:25 kevinh2683
An economist was interested in modeling the relation among annual income, level of education, and work experience. The following data was obtained from a random sample of 12 individuals. Level of education is the number of years of education beyond eighth grade, so 1 represents completing 1 year of high school, 8 means completing 4 years of college, and so on. Work experience is the number of years employed in the current profession. Annual income is measured in thousands of dollars.
Work Experience Level of Education Annual Income ($ Thousands)
21 6 34.7
14 3 17.9
4 8 22.7
16 8 63.1
12 4 33.0
20 4 41.4
25 1 20.7
8 3 14.6
24 12 97.3
28 9 72.1
4 11 49.1
15 4 52.0
A) Construct a correlation matrix between work experience, level of education, and annual income. Is there any reason to be concerened with multicollinearity based on the correlation matrix?
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