The median starting salary for new law graduates is determined bylog(salary) = B, + B,LSAT + B2GPA + B3log(libvol) + B4log(cost)+ Bgrank 1+ Ewhere LSAT is the median LSAT score for the graduating students, GPA is themedian university GPA for the class, libvol is the number of volumes in theinstitution law library, cost is the annual cost of attending university to read law,and rank is a ranking for the institution offering the law degree (with rank 5 1being the best). log(salary)= 8.34 + 0.0047LSAT + 0.248GPA + 0.095log(libvol)+ 0.038log(cost) + 0.0033rank 1+ ɛ136, R2:= 0.842n =What is the predicted ceteris paribus difference in salary for institutions with amedian GPA different by one point? (Report your answer as a percentage.)

For GPA difference by 1 point and all other ceteris paribus, the difference in median starting…

log(salary) = 8.34 + 0.0047LSAT + 0.248GPA + 0.095log(libvol) %3D + 0.038log(cost) + 0.0033rank 1 + ɛ n = 136, R2 = 0.842 || What is the predicted ceteris paribus difference in salary for institutions with a median GPA different by one point? (Report your answer as a percentage.)

log(salary) = 8.34 + 0.0047LSAT + 0.248GPA + 0.095log(libvol) %3D + 0.038log(cost) + 0.0033rank 1 + ɛ n = 136, R2 = 0.842 || What is the predicted ceteris paribus difference in salary for institutions with a median GPA different by one point? (Report your answer as a percentage.)

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section6.8: Fitting Exponential Models To Data

Problem 5SE: What does the y -intercept on the graph of a logistic equation correspond to for a population...

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.

Question

The median starting salary for new law graduates is determined by
log(salary) = B, + B,LSAT + B2GPA + B3log(libvol) + B4log(cost)
+ Bgrank 1+ E
where LSAT is the median LSAT score for the graduating students, GPA is the
median university GPA for the class, libvol is the number of volumes in the
institution law library, cost is the annual cost of attending university to read law,
and rank is a ranking for the institution offering the law degree (with rank 5 1
being the best).

log(salary)
= 8.34 + 0.0047LSAT + 0.248GPA + 0.095log(libvol)
+ 0.038log(cost) + 0.0033rank 1+ ɛ
136, R2:
= 0.842
n =
What is the predicted ceteris paribus difference in salary for institutions with a
median GPA different by one point? (Report your answer as a percentage.)

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