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Author Question: (Situation P) Below are the results of a survey of America's best graduate and professional schools. ... (Read 347 times)

drink

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on: Feb 14, 2020
(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
-----------------------------------------------------------------------


A 95% prediction interval for SALARY when GMAT = 600 is ($37,915, $51,948).  Interpret this interval for the situation above.
◦ We are 95% confident that the mean SALARY of all top business school graduates with GMATs of 600 will fall between $37,915 and $51,984.
◦ We are 95% confident that the SALARY of a top business school graduate will fall between $37,915 and $51,984.
◦ We are 95% confident that the increase in SALARY for a 600-point increase in GMAT will fall between $37,915 and $51,984.
◦ We are 95% confident that the SALARY of a top business school graduate with a GMAT of 600 will fall between $37,915 and $51,984.
Statistics ¦ McClave, Sincich, Tamarack ¦ 12th Edition
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Marked as best answer by drink on Feb 14, 2020

katara

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Reply #1 on: Feb 14, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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drink

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Reply 2 on: Feb 14, 2020
Wow, this really help

ultraflyy23

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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