Data for a portion of the best values in private colleges compiled by kiplinger appear in the WEB file named Private Colleges (kiplinger, October 2013). The variable named % Need-Based Aid shows the percentage of the total cost per year that is covered by need-based aid, and the variable named Average Debt at Graduation ($) shows the average amount of debt upon graduation. For instance, the total cost per year at Yale University is $58,550 and the average need-based aid is $43,115; thus, the % Need-Based Aid is (43,115/58,550)100 = 74%.

a. Develop a scatter diagram with % Need-Based Aid as the independent variable and Average Debt at Graduation ($) as the dependent variable. Does a simple linear regression model appear to be appropriate?

b. Develop an estimated multiple regression equation with x = % Need-Based Aid and x2 as the two independent variables?