A magazine surveyed graduates, asking about their point of view of the colleges they had attended. One good predictor of early career earnings ($/year) turned out to be the average SAT score of entering students. Here are the regression model and associated plots. Write a sentence to explain the meaning of the standard error of the slope of the regression line, SE (b₁) = 1.581, and the corresponding P-value.
A magazine surveyed graduates, asking about their point of view of the colleges they had attended. One good predictor of early career earnings ($/year) turned out to be the average SAT score of entering students. Here are the regression model and associated plots. Write a sentence to explain the meaning of the standard error of the slope of the regression line, SE (b₁) = 1.581, and the corresponding P-value.
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ISBN:9781119256830
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Chapter1: Starting With Matlab
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Question
Write a sentence to explain the meaning of the standard error of the slope of the regression line,
SEb1=1.581, and the corresponding P-value.
![A magazine surveyed graduates, asking about their point of view of the colleges they had attended. One good
predictor of early career earnings ($/year) turned out to be the average SAT score of entering students. Here are the
regression model and associated plots. Write a sentence to explain the meaning of the standard error of the slope of
the regression line, SE (b₁) = 1.581, and the corresponding P-value.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb6fbb7bb-6654-4802-8122-921fad6cc36b%2Ffa2c2335-661e-4f85-b533-c59982ee1ed0%2Fcyrjtw_processed.png&w=3840&q=75)
Transcribed Image Text:A magazine surveyed graduates, asking about their point of view of the colleges they had attended. One good
predictor of early career earnings ($/year) turned out to be the average SAT score of entering students. Here are the
regression model and associated plots. Write a sentence to explain the meaning of the standard error of the slope of
the regression line, SE (b₁) = 1.581, and the corresponding P-value.
![Response variable is: Earn
R squared = 31.1%
s = 5640 with 706 - 2= 704 degrees of freedom
Variable
Intercept
SAT
Residuals
Number of Colleges
20000-
10000-
-10000-
-20000+
35000 40000 45000 50000 55000 60000
120-
100-
80-
60-
40-
20-
Coefficient SE(Coeff) t-ratio
P-value
14233.2
1751
<0.0001
8.13
1.581 17.31 <0.0001
27.3742
0-
-20000
-10000
Predicted
0
Residuals
10000
20000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb6fbb7bb-6654-4802-8122-921fad6cc36b%2Ffa2c2335-661e-4f85-b533-c59982ee1ed0%2Fgjsp38l_processed.png&w=3840&q=75)
Transcribed Image Text:Response variable is: Earn
R squared = 31.1%
s = 5640 with 706 - 2= 704 degrees of freedom
Variable
Intercept
SAT
Residuals
Number of Colleges
20000-
10000-
-10000-
-20000+
35000 40000 45000 50000 55000 60000
120-
100-
80-
60-
40-
20-
Coefficient SE(Coeff) t-ratio
P-value
14233.2
1751
<0.0001
8.13
1.581 17.31 <0.0001
27.3742
0-
-20000
-10000
Predicted
0
Residuals
10000
20000
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