log(salary) = 8.34 + 0.0047LSAT + 0.248GPA + 0.095log(libvol) %3D + 0.038log(cost) + 0.0033rank 1 + ɛ n = 136, R2 = 0.842 || What is the predicted ceteris paribus difference in salary for institutions with a median GPA different by one point? (Report your answer as a percentage.)

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.