Out-of-state tuition and fees at the top graduate schools of business can be very expensive. However, the starting salary and bonus paid to graduates from many of these schools can be very high. The following data show the recruiter assessment score (highest = 5), the out-of-state tuition and fees (rounded to the nearest $1000), and the average starting salary and bonus paid to recent graduates (rounded to the nearest $1000) for a sample of 20 graduate schools of business (U.S. News & World Report 2009 Edition America’s Best Graduate Schools).
a.Develop an estimated regression equation that can be used to predict the starting salary and bonus paid to graduates given the recruiter assessment score.
b. Develop an estimated regression equation that can be used to predict the starting salary and bonus paid to graduates given both the recruiter assessment score and the out-of-state tuition and fees.
c. Is the estimated regression coefficient for the recruiter score the same in part (a) and in part (b)? Interpret the coefficient in each case.
d. Suppose that we randomly select a recent graduate of the University of Virginia graduate school of business. This school has a recruiter assessment score of 4.1 and an out-of-state tuition and fees of $43,000. Predict the starting salary and bonus for this graduate.
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