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 (c) below. a. Construct a 95% confidence interval estimate of the mean starting salary upon graduation of an individual program with per-year tuition cost of $50,050. b. Construct a 95% prediction interval of the starting salary upon graduation of an individual program with per-year tuition cost of $50,050.
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 (c) below. a. Construct a 95% confidence interval estimate of the mean starting salary upon graduation of an individual program with per-year tuition cost of $50,050. b. Construct a 95% prediction interval of the starting salary upon graduation of an individual program with per-year tuition cost of $50,050.
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.3: Measures Of Spread
Problem 1GP
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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 (c) below.
a. Construct a 95% confidence
b. Construct a 95% prediction interval of the starting salary upon graduation of an individual program with per-year tuition cost of $50,050.
Transcribed Image Text:Pursuing an MBA is a major personal inve
advancement and high salaries. A prosped
program per-year tuition as a predictor of
Complete parts (a) through (c) below.
s come wit
cides to de
ata are sto
b'1.444
146,830
62,921
58,324
55,956
55,541
141,536
138,940
125,372
117,827
125,867
131,622
133,894
121,928
114,317
107,875
113,053
108,889
82,816
78,903
104,521
74,335
85,650
71,897
77,419
52,183
67,625
102,993
54,239
80,192
54,287
: Click the icon to view the data on prd
56,656
52,489
51,889
51,180
46,830
48,787
49,459
45,818
37,137
48,413
45,649
51,042
39,728
32,025
a. Construct a 95% confidence interval
þn cost of
$s HYX= 50,050 < $U
(Round to the nearest dollar.)
41,918
43,086
48,196
33,557
23,895
41,157
40,177
Transcribed Image Text:come with
cides to dev
Pursuing an MBA is a major personal inve
advancement and high salaries. A prospe
program per-year tuition as a predictor of
Complete parts (a) through (c) below.
Program Per-Year Tuition Mean Starting Salary
Upon Graduation ($)
ata are stor
($)
64,011
152,788
156,203
150,249
143,369
142,876
151,361
151,423
152,355
133,977
145,332
145,052
146,830
141,536
138,940
: Click the icon to view the data on pr
66,374
65,356
66,983
65,767
68,015
65,460
68,141
63,623
62,609
65,122
61,444
a. Construct a 95% confidence interval
on cost of $
HYx= 50,050
(Round to the nearest dollar.)
62,921
58,324
55,956
55,541
56,656
52,489
125,372
117,827
125,867
131,622
133,894
121,928
51,889
51,180
46,830
48,787
49,459
45818
114,317
107,875
113,053
108 889
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