36. For the situation above, give a practical interpretation of Bo= -92040 37. For the situation above, give a practical interpretation of B₁ = 228

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Needed to be solved part 36 and 37 correclty in 30 minutes and get the thumbs up. Please show neat and clean work
(Situation Problem: Please use the following situation to answer question 34 - 41.)
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.
School
GMAT
Salary
Acc. Rate
15.0%
1.
Harvard
644
$ 63,000
2.
Stanford
665
10.2
60,000
3.
Penn
644
19.4
55,000
4. Northwestern
640
22.6
54,000
5.
MIT
650
21.3
57,000
6.
Chicago
632
30.0
55,269
7.
Duke
630
18.2
53,300
8.
Dartmouth
649
13.4
52,000
9.
Virginia
630
23.0
55,269
10. Michigan 620
32.4
53.300
11. Columbia
635
37.1
52,000
12. Cornell
648
14.9
50,700
13. CMU
630
31.2
52,050
14. UNC
625
15.4
50,800
15. Cal-Berkeley 634
24.7
50,000
16. UCLA
640
20.7
51,494
17. Texas
612
28.1
43,985
Indiana
600
29.0
44,119
18.
19. NYU
610
35.0
53,161
20.
Purdue
595
26.8
43,500
21.
USC
610
31.9
49,080
22.
Pittsburgh 605
33.0
43,500
23.
Georgetown 617
31.7
45,156
24.
Maryland
593
28.1
42,925
25. Rochester
605
35.9
44,499
Transcribed Image Text:(Situation Problem: Please use the following situation to answer question 34 - 41.) 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. School GMAT Salary Acc. Rate 15.0% 1. Harvard 644 $ 63,000 2. Stanford 665 10.2 60,000 3. Penn 644 19.4 55,000 4. Northwestern 640 22.6 54,000 5. MIT 650 21.3 57,000 6. Chicago 632 30.0 55,269 7. Duke 630 18.2 53,300 8. Dartmouth 649 13.4 52,000 9. Virginia 630 23.0 55,269 10. Michigan 620 32.4 53.300 11. Columbia 635 37.1 52,000 12. Cornell 648 14.9 50,700 13. CMU 630 31.2 52,050 14. UNC 625 15.4 50,800 15. Cal-Berkeley 634 24.7 50,000 16. UCLA 640 20.7 51,494 17. Texas 612 28.1 43,985 Indiana 600 29.0 44,119 18. 19. NYU 610 35.0 53,161 20. Purdue 595 26.8 43,500 21. USC 610 31.9 49,080 22. Pittsburgh 605 33.0 43,500 23. Georgetown 617 31.7 45,156 24. Maryland 593 28.1 42,925 25. Rochester 605 35.9 44,499
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.
Po=-92040 1=228
s=3213 2.66 r = .81 df = 23
t = 6.67
34. For the situation above, write the equation of the probabilistic model of interest.
35. For the situation above, write the equation of the least squares line.
36. For the situation above, give a practical interpretation of Bo= -92040
37. For the situation above, give a practical interpretation of ß₁ = 228
Transcribed Image Text: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. Po=-92040 1=228 s=3213 2.66 r = .81 df = 23 t = 6.67 34. For the situation above, write the equation of the probabilistic model of interest. 35. For the situation above, write the equation of the least squares line. 36. For the situation above, give a practical interpretation of Bo= -92040 37. For the situation above, give a practical interpretation of ß₁ = 228
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