6. Precisely interpret the estimated coefficient on Sports dummy. 7. Precisely i
ID: 3311774 • Letter: 6
Question
6. Precisely interpret the estimated coefficient on Sports dummy.
7. Precisely interpret the estimated coefficient on Age of the university.
8. What does R2 of .7308 tell us?
9. Why is Volumes in library measured in millions? Can you think of any reason to measure it in millions, rather than in simple counts or in thousands?
TABLE1 SAT SCORES AND BIGTIME ATHLETICS (Dependent Variable: Average SAT Scores of Entering Freshmen) COEFFICIENT INDEPENDENT (9.49)10.08 (10.86 2.19) 216 0.5 13.74) Sports dummy 12.83) (2.56) Volumes in library × Salary of full professors x 10* Age of the university Private school dummy Student faculty ratio Total enrollment × 103 Endowment per student x 109 Number of Ph.D.'s awarded per Male proportion of under- 4.04) graduate enrollment 96.70 81.44 67.50 60.63 74.95 66.88 86.84 7308 8031 139 7311 7511 8057 8015 Number of observations 156 156 156 139 SoURGE-Americen Un nd Coliges (1971) NOTE--ratios are in parenthesesExplanation / Answer
6. The estimated coefficient of sports dummy is the change in the value of the dependent variable when the value of sports dummy is increased by 1 unit keeping all other variables fixed. Like in (1), the estimated coefficient is 25.73 implies that the average SAT scores increases by 25.73 if the sports dummy is set to 1 keeping all other variables fixed.
7.The estimated coefficient of age is the change in the value of the dependent variable when the value of the age variable is increased by 1 unit keeping all other variables fixed. Like in (2), the estimated coefficient is 0.37 implies that the average SAT scores increases by 0.37 if the age of the university increases by 1 year keeping others fixed.
8.R2 = 0.7308 implies that 73.08% of the total variability is explained by the regression model fitted to the data.
9.Volumes in library is a huge quantity so it's measured in millions for the ease of interpretation.
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