1. ) According to the PayScale data from 2021, the average starting salaries by college major for bachelor's degree are as follows: $70,600 for mechanical engineering, $56,700 for economics, $43,500 for chemistry, and $47,000 for philosophy. In order to estimate the true difference in the average starting salaries by college major in 2022, 60 graduates with these four majors from the class of 2022 were contacted and questioned about their starting salaries. Propose a regression model with dummy variables that could be used to investigate if starting salaries are different by college major and interpret all the coefficients in the model.

1. ) According to the PayScale data from 2021, the average starting salaries by college major for bachelor's degree are as follows: $70,600 for mechanical engineering, $56,700 for economics, $43,500 for chemistry, and $47,000 for philosophy. In order to estimate the true difference in the average starting salaries by college major in 2022, 60 graduates with these four majors from the class of 2022 were contacted and questioned about their starting salaries. Propose a regression model with dummy variables that could be used to investigate if starting salaries are different by college major and interpret all the coefficients in the model.

Linear Algebra: A Modern Introduction

4th Edition

ISBN:9781285463247

Author:David Poole

Publisher:David Poole

Chapter2: Systems Of Linear Equations

Section2.4: Applications

Problem 2EQ: 2. Suppose that in Example 2.27, 400 units of food A, 500 units of B, and 600 units of C are placed...

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