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Program Per-Year Tuition ($) 63,487 67,360 67,647 68,670 66,587 65,525 66,987 68,256 64,931 62,794 66,774 61,116 60,807 56,682 55,050 55,490 55,651 50,714 51,772 51,552 45,326 46,088 49,820 47,114 38,283 48,151 45,819 51,287 38,927 33,467 43,022 40,714 50,785 33,496 22,172 41,787 38,604 Mean Starting Salary Upon Graduation ($) E 154,310 153,031 147,118 144, 172 143,659 154,095 151,047 147,442 134,877 143,130 147,500 147,886 139,881 136,513 121,847 115,152 129,000 129,786 130,230 123,529 115,596 111,906 112,919 107,194 81,680 79,236 103,145 78,255 83,190 76,495 76,200 54,295 65,090 100,299 55,936 77,165 53,713

Program Per-Year Tuition ($) 63,487 67,360 67,647 68,670 66,587 65,525 66,987 68,256 64,931 62,794 66,774 61,116 60,807 56,682 55,050 55,490 55,651 50,714 51,772 51,552 45,326 46,088 49,820 47,114 38,283 48,151 45,819 51,287 38,927 33,467 43,022 40,714 50,785 33,496 22,172 41,787 38,604 Mean Starting Salary Upon Graduation ($) E 154,310 153,031 147,118 144, 172 143,659 154,095 151,047 147,442 134,877 143,130 147,500 147,886 139,881 136,513 121,847 115,152 129,000 129,786 130,230 123,529 115,596 111,906 112,919 107,194 81,680 79,236 103,145 78,255 83,190 76,495 76,200 54,295 65,090 100,299 55,936 77,165 53,713

Linear Algebra: A Modern Introduction
Linear Algebra: A Modern Introduction
4th Edition
ISBN:9781285463247
Author:David Poole
Publisher:David Poole
Chapter7: Distance And Approximation
Section7.3: Least Squares Approximation
Problem 31EQ
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Program Per-Year Tuition ($) 63,487 67,360 67,647 68,670 66,587 65,525 66,987 68,256 64,931 Mean Starting Salary Upon Graduation (S)_O 154,310 153,031 147,118 144,172 143,659 154,095 151,047 147,442 134,877 143,130 147,500 147,886 139,881 136,513 121,847 115,152 129,000 129,786 130,230 123,529 115,596 111,906 112,919 107,194 81,680 79,236 103,145 78,255 83,190 76,495 76,200 54,295 65,090 100,299 55,936 77,165 53,713 62,794 66,774 61,116 60,807 56,682 55,050 55,490 55,651 50,714 51,772 51,552 45,326 46,088 49,820 47,114 38,283 48,151 45,819 51,287 38,927 33,467 43,022 40,714 50,785 33,496 22,172 41,787 38,604
Transcribed Image Text:Program Per-Year Tuition ($) 63,487 67,360 67,647 68,670 66,587 65,525 66,987 68,256 64,931 Mean Starting Salary Upon Graduation (S)_O 154,310 153,031 147,118 144,172 143,659 154,095 151,047 147,442 134,877 143,130 147,500 147,886 139,881 136,513 121,847 115,152 129,000 129,786 130,230 123,529 115,596 111,906 112,919 107,194 81,680 79,236 103,145 78,255 83,190 76,495 76,200 54,295 65,090 100,299 55,936 77,165 53,713 62,794 66,774 61,116 60,807 56,682 55,050 55,490 55,651 50,714 51,772 51,552 45,326 46,088 49,820 47,114 38,283 48,151 45,819 51,287 38,927 33,467 43,022 40,714 50,785 33,496 22,172 41,787 38,604
en 000 Pursuing an MBA is a major personal investment. Tuition and expenses associated with business school programs are costly, but the high costs come with hopes of career advancement and high salaries. A prospective MBA student would like to examine the factors that impact starting salary upon graduation and decides to develop a model that uses program per-year tuition as a predictor of starting salary. Data were collected for 37 full-time MBA programs offered at private universities. The data are stored in the accompanying table. Complete parts (a) through (e) below. E Click the icon to view the data on program per-year tuition and mean starting salary. a. Construct a scatter plot. Choose the correct graph below. OA. O B. В. OC. OD. O D. Q 80,000- 80,000- TOLL 200,000- 200,000- 0- 0+ 04 200,000 Starting Salary (S) 80,000 200,000 Starting Salary (S) 80,000 Tuition ($) Tuition ($) b. Assuming a linear relationship, use the least-squares method to determine the regression coefficients b, and b, bo =U b, = (Round the value of b, to the nearest integer as needed. Round the value of b, to two decimal places as needed.) c. Interpret the meaning of the slope, b, , in this problem. Select the correct choice below and fill in the answer box to complete your choice. (Round to the nearest dollar as needed.) O A. For each increase in starting salary upon graduation of $100, the mean tuition is expected to increase by S O B. The approximate starting salary upon graduation when the tuition is S0 is s. O C. The approximate tuition when the mean starting salary is $0 is $ O D. For each increase in tuition of $100, the mean starting salary upon graduation is expected to increase by S. d. Predict the mean starting salary upon graduation for a program that has a per-year tuition cost of $56,294. The predicted mean starting salary will be S (Round to the nearest dollar as needed.) e. What insights can be obtained about the relationship between program per-year tuition and starting salary upon graduation? O A. Mean starting salaries upon graduation tend to be lower among programs with higher per-year tuitions. O B. Mean starting salaries upon graduation tend to be higher among programs with higher per-year tuitions. OC. Having a higher mean starting salary upon graduation results in a higher program per-year tuition. O D. There is no relationship between program per-year tuition and mean starting salary upon graduation. O E. Having a higher mean starting salary upon graduation results in a lower program per-year tuition. Starting Salary (3)
Transcribed Image Text:en 000 Pursuing an MBA is a major personal investment. Tuition and expenses associated with business school programs are costly, but the high costs come with hopes of career advancement and high salaries. A prospective MBA student would like to examine the factors that impact starting salary upon graduation and decides to develop a model that uses program per-year tuition as a predictor of starting salary. Data were collected for 37 full-time MBA programs offered at private universities. The data are stored in the accompanying table. Complete parts (a) through (e) below. E Click the icon to view the data on program per-year tuition and mean starting salary. a. Construct a scatter plot. Choose the correct graph below. OA. O B. В. OC. OD. O D. Q 80,000- 80,000- TOLL 200,000- 200,000- 0- 0+ 04 200,000 Starting Salary (S) 80,000 200,000 Starting Salary (S) 80,000 Tuition ($) Tuition ($) b. Assuming a linear relationship, use the least-squares method to determine the regression coefficients b, and b, bo =U b, = (Round the value of b, to the nearest integer as needed. Round the value of b, to two decimal places as needed.) c. Interpret the meaning of the slope, b, , in this problem. Select the correct choice below and fill in the answer box to complete your choice. (Round to the nearest dollar as needed.) O A. For each increase in starting salary upon graduation of $100, the mean tuition is expected to increase by S O B. The approximate starting salary upon graduation when the tuition is S0 is s. O C. The approximate tuition when the mean starting salary is $0 is $ O D. For each increase in tuition of $100, the mean starting salary upon graduation is expected to increase by S. d. Predict the mean starting salary upon graduation for a program that has a per-year tuition cost of $56,294. The predicted mean starting salary will be S (Round to the nearest dollar as needed.) e. What insights can be obtained about the relationship between program per-year tuition and starting salary upon graduation? O A. Mean starting salaries upon graduation tend to be lower among programs with higher per-year tuitions. O B. Mean starting salaries upon graduation tend to be higher among programs with higher per-year tuitions. OC. Having a higher mean starting salary upon graduation results in a higher program per-year tuition. O D. There is no relationship between program per-year tuition and mean starting salary upon graduation. O E. Having a higher mean starting salary upon graduation results in a lower program per-year tuition. Starting Salary (3)
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