The dean of a law school has developed a regression equation for estimating the starting salary (thousands of dollars) of a new graduate on the basis of two independent variables: x1 = the score achieved on the Law School Admission Test (LSAT) at the time of application, and x2 = whether the new graduate’s position is in the private sector (coded as 1) or the public sector (coded as 0). For the estimation equation ŷ = 50 + 0.1x1 + 30x2, interpret the partial regression coefficients, then estimate the starting salary for a new graduate with an LSAT score of 160 who is entering the private sector.
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