A study of the top MBA programs attempted to predict the average starting salary (in $1000's) of graduates of the program based on the amount of tuition (in $1000's) charged by the program and the average GMAT score of the program's students. The results of a regression analysis based on a sample of 75 MBA programs is shown below:
Least Squares Linear Regression of Salary
Predictor
Variables Coefficient Std Error T P VIF
Constant -203.402 51.6573 -3.94 0.0002 0.0
Gmat 0.39412 0.09039 4.36 0.0000 2.0
Tuition 0.92012 0.17875 5.15 0.0000 2.0
R-Squared 0.6857 Resid. Mean Square (MSE) 427.511
Adjusted R-Squared 0.6769 Standard Deviation 20.6763
Interpret the coefficient for the tuition variable shown on the printout.
◦ For every $1000 increase in the tuition charged by the MBA program, we estimate that the average starting salary will increase by $920.12, holding the GMAT score constant
◦ For every $1000 increase in the tuition charged by the MBA program, we estimate that the average starting salary will decrease by $203,402, holding the GMAT score constant.
◦ For every $1000 increase in the tuition charged by the MBA program, we estimate that the average starting salary will increase by $394.12, holding the GMAT score constant
◦ For every $1000 increase in the average starting salary, we estimate that the tuition charged by the MBA program will increase by $920.12.
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