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.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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![1. (10
) 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.
0.000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3f0128e8-6553-498c-afa0-dd14e88e258d%2F9838c573-4ea6-47f6-9e99-aba1e7326891%2F3fvbtq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:1. (10
) 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.
0.000
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