Reference no: EM13186388

School Tuition & Fees ($) Salary & Bonus ($)
Arizona State University 28,220 98
Babson College 35,110 94
Cornell University 44,260 119
Georgetown University 40,017 109
Georgia Institute of Technology 30,016 88
Indiana University-Bloomington 34,852 105
Michigan State University 26,131 99
Northwestern University 43,935 123
Ohio State University 35,337 97
Purdue University-West Lafayette 33,462 96
Rice University 35,558 102
Stanford University 45,921 135
University of California - Davis 34,874 89
University of Florida 23,103 71
University of Iowa 24,920 78
University of Minnesota-Twin Cities 36,596 100
University of Notre Dame 36,040 95
University of Rochester 37,791 99
University of Washington 29,543 94
University of Wisconsin-Madison 26,536 93

a)Develop an estimated regression equation that can be used to predict the starting salary and bonus paid to graduates given the recruiter assessment score.

b)Develop an estimated regression equation that can be used to predict the starting salary and bonus paid to graduates given both the recruiter assessment score and the out- of- state tuition and fees.

c)Is the estimated regression coefficient for the recruiter score the same in part ( a) and in part ( b)? Interpret the coefficient in each case.

d)For the part (b) model, which, if any, of the independent variables is statistically significant?

e)Suppose that we randomly select a recent graduate of the University of Virginia graduate school of business. This school has a recruiter assessment score of 4.1 and an out- of- state tuition and fees of $ 43,000. Predict the average starting salary and bonus for this graduate and give a 95% confidence interval.

f)For the same values in (d), give a 95% prediction interval.

g)Explain the difference between the 95% confidence interval and prediction interval in parts (e) and (f) above.