PLEASE INCLUDE A SUMMARY EXPLAINING AND DETAILING ALL THE DECISIONS! PLEASE ANSW

Question

PLEASE INCLUDE A SUMMARY EXPLAINING AND DETAILING ALL THE DECISIONS!

PLEASE ANSWER E, F , G ONLY!!!

Tuition and Fees for top graduate schools can be very expensive however the starting salary and bonus paid to graduates from many of these schools can be substantial. The following data shows the average tuitiion & feees and the average starting salary & bonus paid to recent graduates. a. Develop a scatter diagram with salary and bonus as the dependent variable. b. Does there appear to be any relationship between these variables? Explain. c. Develop an estimated regression equation that can be used to predict the starting salary and bonus paid to graduates given the cost of out of state tuition and fees at the school. d. Test for the signifcance of the relationship at a 0.05 level of significance. What is your conclusion. e. Did the estimated regression equation provide a good fit? Explain. f. Suppose the a recent graduate is randomly selected from another comparible graduate school. The school has a tuition and fees of $53,000. Predict the salary and bonus for this graduate. g. What is your confidence and predition interval assessment for f?

Explanation / Answer

e) regression equation:

Salary and bonus = 54633.33 + 1.915433*tution fees

for goodness of fit

since p value for the f test of regression is < 0.05 at 95% CI i.e. we reject our null hypothesis and infer that our R2 is reliable or regression eq. is good fit to the model and further R2 = 0.73812 i.e approximately 74% variability is explainned by the predictors.

f) predicted salary = 156103.9 when tution fees is 53000

by using the fitted prediction equation

2.480408

g) model is fitted and regression is obtained by using 95% confidence and prediction interval for f.

ANOVA df SS MS F Significance F Regression 1 2.94E+09 2.94E+09 50.73364 1.23E-06 Residual 18 1.04E+09 57893046 Total 19 3.98E+09

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