Question
What determines the amount of college tuition students at different schools must pay? A random sample of n American colleges and universities is selected. The
What determines the amount of college tuition students at different schools must pay? A random sample of n American colleges and universities is selected. The values of several variables are recorded: average annual tuition (y), percentage of students in the top 25% of their high school graduating class (x1), student-to-faculty ratio (x2), average faculty compensation (x3), acceptance rate (x4), and percentage of faculty with a Ph.D. (x5). Some example observations are listed below.
ID | X1 | X2 | X3 | X4 | X5 |
1 | 23 | 19.1 | 55000 | 0.75 | 89 |
2 | 50 | 15.3 | 68000 | 0.60 | 77 |
3 | 28 | 22.7 | 72000 | 0.35 | 92 |
For students with a% in the top 25% of their high school graduating class and b% of faculty with a Ph.D., the 'a' and 'b' values were applied for building this linear regression model. As a result, the regression equation is as follows:
- If the % of students who graduated in the top 25% in high school is 35, the studentfaculty ratio at this university is 19.1, and faculty compensation is $56,000. There is a 0.821 acceptance rate, and 88% of faculty have a Ph.D. What is the predicted average annual tuition?
- If we sampled 18 American universities, how many degrees of freedom associated with error will be in the ANOVA table?
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