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Author Question: (Situation P) Below are the results of a survey of America's best graduate and professional schools. ... (Read 281 times)

WWatsford

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(Situation P)  Below are the results of a survey of America's best graduate and professional schools.  The top 25 business schools, as determined by reputation, student selectivity, placement success, and graduation rate, are listed in the table.  For each school, three variables were measured: (1) GMAT score for the typical incoming student; (2) student acceptance rate (percentage accepted of all students who applied); and (3) starting salary of the typical graduating student.

SchoolGMATAcc. RateSalary
1.Harvard64415.0%             $63,000
2.Stanford66510.260,000
3.Penn64419.455,000
4.Northwestern64022.654,000
5.MIT65021.357,000
6.Chicago63230.055,269
7.Duke63018.253,300
8.Dartmouth64913.452,000
9.Virginia63023.055,269
10.Michigan62032.453.300
11.Columbia63537.152,000
12.Cornell64814.950,700
13.CMU63031.252,050
14.UNC62515.450,800
15.Cal-Berkeley63424.750,000
16.UCLA64020.751,494
17.Texas61228.143,985
18.Indiana60029.044,119
19.NYU61035.053,161
20.Purdue59526.843,500
21.USC61031.949,080
22.Pittsburgh60533.043,500
23.Georgetown61731.745,156
24.Maryland59328.142,925
25.Rochester60535.944,499

The 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 the 25 data points in the table are shown below.
-----------------------------------------------------------------------
β0 = -92040    1 = 228     s = 3213     r2 = .66     r = .81    df = 23     t = 6.67
-----------------------------------------------------------------------


For the situation above, give a practical interpretation of t = 6.67.
◦ There is evidence (at α = .05) to indicate that β1 = 0.
◦ Only 6.67% of the sample variation in SALARY can be explained by using GMAT in a straight-line model.
◦ There is evidence (at α = .05) of at least a positive linear relationship between SALARY and GMAT.
◦ We estimate SALARY to increase $6.67 for every 1-point increase in GMAT.


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Marked as best answer by WWatsford on Feb 14, 2020

akemokai

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WWatsford

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Reply 2 on: Feb 14, 2020
Thanks for the timely response, appreciate it


Joy Chen

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Reply 3 on: Yesterday
Great answer, keep it coming :)

 

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