In exercise 6, data were given on the recruiter assessment score (highest = 5), the out-of-state tuition and fees (rounded to the nearest $1000), and the average starting salary and bonus (rounded to the nearest $1000) for a sample of 20 graduate schools of business (U.S. News & World Report 2009 Edition America's Best Graduate Schools).
a. Did the estimated regression equation that uses only the recruiter assessment score as the independent variable to predict the starting salary and bonus provide a good fit? Explain.
b. Discuss the benefits of using both the recruiter assessment score and the out-of-state tuition and fees to predict the starting salary and bonus.