Author Question: Each year a nationally recognized publication conducts its "Survey of America's Best Graduate and ... (Read 60 times)

Jipu 123 · **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. Total GMAT scores range from 200 to 800. A simple linear regression of SALARY versus GMAT using 25 data points shown below.

= -92040

₁ = 228 s = 3213 R² = 0.66 r = 0.81 df = 23 t = 6.67
Give a practical interpretation of

= -92040.
◦ We estimate SALARY to decrease $92,040 for every 1-point increase in GMAT.
◦ The value has no practical interpretation since a GMAT of 0 is nonsensical and outside the range of the sample data.
◦ We estimate the base SALARY of graduates of a top business school to be $-92,040.
◦ We expect to predict SALARY to within 2(92040) = $184,080 of its true value using GMAT in a straight-line model.

joewallace · **Reply #1 on:** Jan 16, 2020

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