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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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 ($/year) turned out to be the average SAT score of entering students. Here are the
regression model and associated plots. Write a sentence to explain the meaning of the standard error of the slope of
the regression line, SE (b₁) = 1.581, and the corresponding P-value.
Transcribed Image Text:A magazine surveyed graduates, asking about their point of view of the colleges they had attended. One good predictor of early career earnings ($/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
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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