Using the regression output in Exercise 1, identify the residual standard deviation and explain what it means
Question:
Using the regression output in Exercise 1, identify the residual standard deviation and explain what it means in the context of the problem.
Data From Exercise 1
Does attending college pay back the investment? What factors predict higher earnings for graduates? Money magazine surveyed graduates, asking about their point of view of the colleges they had attended (Money’s Best Colleges at new.time.com/money/best-colleges/rankings/best-colleges/). One good predictor of early career earnings ($/year) turned out to be the average SAT score of entering students. Here are the regression model and associated plots. Write the regression model and explain what the slope coefficient means in this context.
Step by Step Answer:
Intro Stats
ISBN: 9780134668420
5th Edition
Authors: Richard D De Veaux, Paul F Velleman, David E Bock, Nick Horton