Suppose you wanted to examine a research question: “What factors may influence one’s annual salary?” To answer this question, you first collect the following variables from a group of individuals:

1)Annual salary, measured in thousand USD

2)Schooling, measured in year

3)Age, measured in year

Next, you specify a regression model:

Annual salary = Intercept + b1*Schooling + b2*Age

Finally, you run the regression analysis in Excel.