Homework Clinic

Mathematics Clinic => Statistics => Topic started by: Jramos095 on Jan 16, 2020

Title: Each year a nationally recognized publication conducts its "Survey of America's Best Graduate and ...
Post by: Jramos095 on Jan 16, 2020

Each year a nationally recognized publication conducts its "Survey of America's Best Graduate and Professional Schools." An academic advisor wants to predict the typical starting salary of a graduate at a top business school using GMAT score of the school as a predictor variable. A simple linear regression of SALARY versus GMAT using 25 data points shown below.
b₀ = -92040  b₁ = 228  s = 3213  R² = 0.66  r = 0.81  df = 23  t = 6.67
Give a practical interpretation of R² = 0.66.
◦ 66% of the differences in SALARY are caused by differences in GMAT scores.
◦ 66% of the sample variation in SALARY can be explained by using GMAT in a straight-line model.
◦ We estimate SALARY to increase $.66 for every 1-point increase in GMAT.
◦ We can predict SALARY correctly 66% of the time using GMAT in a straight-line model.

Title: Each year a nationally recognized publication conducts its "Survey of America's Best Graduate and ...
Post by: patma1981 on Jan 16, 2020

66% of the sample variation in SALARY can be explained by using GMAT in a straight-line model.

Title: Re: Each year a nationally recognized publication conducts its
Post by: Moriah White on May 1, 2021

Thank you

Title: Re: Each year a nationally recognized publication conducts its \
Post by: c.herring2 on May 4, 2021

Thank You.