Use the data in LAWSCH85.RAW for this exercise.
(i) Using the same model as Problem 3.4, state and test the null hypothesis that the rank of law schools has no ceteris paribus effect on median starting salary.
(ii) Are features of the incoming class of students-namely, LSAT and GPA- individually or jointly significant for explaining salary! (Be sure to account for missing data on LSAT and GPA.)
(iii) Test whether the size of the entering class (clsize) or the size of the faculty (faculty) needs to be added to this equation; carry out a single test. (Be careful to account for missing data on clsize and faculty.)
(iv) What factors might influence the rank of the law school that are not included in the salary regression?