14.4 THE STARTING SALARY CASE StartSal The chairman of the marketing department at a large state university undertakes a study to relate starting salary (y) after graduation for marketing majors to grade point average (GPA) in major courses. To do this, records of seven recent marketing graduates are randomly selected, and the data shown below on the left are obtained. The MINITAB output obtained by fitting a least squares regression line to the data is below on the right. Fitted Line Plot Marketing Starting Salary, y (Thousands of Dollars) StartSal= 14.82 +5.707 GPA Graduate GPA, x 1 3.26 33.8 2 2.60 29.8 3.35 33.5 2.86 30.4 3.82 36.4 2.21 27.6 3.47 35.3 2.0 2.5 3.0 3.5 09 StartSal 4.0 GPA a Find the least squares point estimates b, and b, on the computer output and report their values. Interpret bo and b,. Does the interpretation of b, make practical sense? b Use the least squares line to compute a point estimate of the mean starting salary for all marketing graduates having a grade point average of 3.25 and a point prediction of the starting salary for an individual marketing graduate having a grade point average of 3.25. 34567 StartSal 32 30 28

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144 THE STARTING SALARY CASE
Startsal
The chairman of the marketing department at a large state university undertakes a study to relate
starting salary (y) after graduation for marketing majors to grade point average (GPA) in major
courses. To do this, records of seven recent marketing graduates are randomly selected, and the
data shown below on the left are obtained. The MINITAB output obtained by fitting a least squares
regression line to the data is below on the right.
Starting Salary,
Fitted Line Plot
Marketing
y (Thousands
StartSal= 14.82 +5.707 GPA
Graduate GPA, x of Dollars)
1
3.26
33.8
2.60
29.8
33.5
2,86
30.4
3.82
36.4
2.21
27.6
3.47
35.3
de Startsal
2.0
2.5
a
Find the least squares point estimates b, and b, on the computer output and report their values.
Interpret b, and b,. Does the interpretation of b, make practical sense?
b
Use the least squares line to compute a point estimate of the mean starting salary for all
marketing graduates having a grade point average of 3.25 and a point prediction of the
starting salary for an individual marketing graduate having a grade point average of 3.25.
Question 3
THE NATURAL GAS CONSUMPTION CASE OS GasCon1
When a least squares line is fit to the 8 observations in the natural gas consumption data, we obtain
SSE 2.568. Calculates and s.
THE STARTING SALARY CASE 5 Starts.
When a least squares line is fit to the 7 observations in the starting salary data, we obtain
SSE 1.438. Calculates and s.
2
3
5
P
Jespers
28
Transcribed Image Text:144 THE STARTING SALARY CASE Startsal The chairman of the marketing department at a large state university undertakes a study to relate starting salary (y) after graduation for marketing majors to grade point average (GPA) in major courses. To do this, records of seven recent marketing graduates are randomly selected, and the data shown below on the left are obtained. The MINITAB output obtained by fitting a least squares regression line to the data is below on the right. Starting Salary, Fitted Line Plot Marketing y (Thousands StartSal= 14.82 +5.707 GPA Graduate GPA, x of Dollars) 1 3.26 33.8 2.60 29.8 33.5 2,86 30.4 3.82 36.4 2.21 27.6 3.47 35.3 de Startsal 2.0 2.5 a Find the least squares point estimates b, and b, on the computer output and report their values. Interpret b, and b,. Does the interpretation of b, make practical sense? b Use the least squares line to compute a point estimate of the mean starting salary for all marketing graduates having a grade point average of 3.25 and a point prediction of the starting salary for an individual marketing graduate having a grade point average of 3.25. Question 3 THE NATURAL GAS CONSUMPTION CASE OS GasCon1 When a least squares line is fit to the 8 observations in the natural gas consumption data, we obtain SSE 2.568. Calculates and s. THE STARTING SALARY CASE 5 Starts. When a least squares line is fit to the 7 observations in the starting salary data, we obtain SSE 1.438. Calculates and s. 2 3 5 P Jespers 28
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