12 A student was wondering if the average cost of attending a college could bepredicted using the independent variables "admission rate" measured as the percentof applicants admitted to the school, and the dummy variable "private school". It isassumed that colleges are either private or public.A statistical software program generated the following regression results:TermEstimateStd. ErrortvalueIntercept33 670.895 486.876.137PRIVATE22 713.663 566.256.369ADM RATE-186.6068.73-2.715The interpretation of the estimated regression coefficient for ADM_RATE is:Holding type of college constant, a 186.6% increase in admissions rate ispredicted to reduce the average cost of attending college by 1%Holding type of college constant, a 186.6% fall in admission rate is predicted toreduce the average cost of attending college by 1%.O Holding type of college constant, a 1% rise in the admission rate is predicted toreduce the average cost of attending college by $186.60 PRIVATEJ400.07ADM RATE22 713.66U.1313 566.25-186.606.36968.73-2.715The interpretation of the estimated regression coefficient for ADM_RATE is:O Holding type of college constant, a 186.6% increase in admissions rate ispredicted to reduce the average cost of attending college by 1%Holding type of college constant, a 186.6% fall in admission rate is predicted toreduce the average cost of attending college by 1%.Holding type of college constant, a 1% rise in the admission rate is predicted toreduce the average cost of attending college by $186.60Holding type of college constant, a 1% fall in the admissions rate is predicted toreduce the average cost of attending college by $186.60Page 12 of 50Next PagePrevious Page0OG Cloudy A a

Here, response variable is average cost of attaining a college and independent variables are…

Answered: using the independent variables…

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter4: Equations Of Linear Functions

Section: Chapter Questions

Problem 4SGR

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The regional transit authority for a major metropolitan area wants to determine whether there is any relationship between the age of a bus and the annual maintenance cost. A sample of 10 buses resulted in the data in Worksheet 2. Worksheet 2 Age of a Bus (years) Maintenance Cost ($) 1 350 2 370 2 480 2 520 2 590 3 550 4 750 4 800 5 790 5 950 Develop a scatter diagram with the age of a bus as the independent variable. Develop the estimated regression equation that can be used to predict the maintenance cost given the age of a bus. Determine the coefficient of determination, and interpret its meaning in this problem. At the 0.05 level of significance, is there evidence of a linear relationship between the age of a bus and the annual maintenance cost.
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The Wall Street Journal asked Concur Technologies, Inc., an expense management company, to examine data from 8.3 million expense reports to provide insights regarding business travel expenses. Their analysis of the data showed that New York was the most expensive city. The following table shows the average daily hotel room rate (X) and the average amount spent on entertainment (Y) for a random sample of 9 of the 25 most-visited U.S. cities. These data lead to the estimated regression equation y = 17.49 + 1.0334x. For these data SSE = 1541.4. Use Table 1 of Appendix B. a. Predict the amount spent on entertainment for a particular city that has a daily room rate of $89 (to 2 decimals). b. Develop a 95% confidence interval for the mean amount spent on entertainment for all cities that have a daily room rate of $89 (to 2 decimals). c. The average room rate in Chicago is $128. Develop a 95% prediction interval for the amount spent on entertainment in Chicago (to 2 decimals).
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