Final answer:
To derive the regression line, you need the slope (Beta 1) and y-intercept (Beta 0). Estimating income for 14 years of education involves substituting x = 14 into the regression equation.
Step-by-step explanation:
To derive the regression line, you will need the values of the slope (Beta 1) and the y-intercept (Beta 0). The equation for the regression line is given by: y = Beta 0 + Beta 1x, where y is the dependent variable (income) and x is the independent variable (years of education).
To find Beta 1, you will need the values of the mean of the independent variable (x-bar), the mean of the dependent variable (y-bar), the sample covariance of the independent and dependent variables (cov(x,y)), and the sample variance of the independent variable (var(x)).
To find Beta 0, you can use the equation: Beta 0 = y-bar - Beta 1(x-bar).
To estimate the income for 14 years of education, substitute x = 14 into the regression equation and solve for y.