Situation P) Below are the results of a survey of America's best graduate and professional schools. The top 25 business schools, as determined by reputation, student selectivity, placement success, and graduation rate, are listed in the table. For each school, three variables were measured: (1) GMAT score for the typical incoming student; (2) student acceptance rate (percentage accepted of all students who applied); and (3) starting salary of the typical graduating student.
For the situation above, give a practical interpretation of 5 1 228.
a. We estimate SALARY to increase $228 for every 1-point increase in GMAT
b. We expect to predit SALARY to within 2228) = $456 of its true value using GMAT in a straight-line model
c. We estimate GMAT to increase 228 points for every $1 increase in SALARY
d. The value has no practical interpretation since a GMAT of 228 is nonsensical and outside the range of the sample data.
Answer: a. We estimate SALARY to increase $228 for every 1-point increase in GMAT
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