Question: lawschool xls: https://we.tl/t-dfh0NXrOoi Problem 2. The median starting salary for new law school graduates is determined by the following equation: log(salary); = B1 + B2LSAT;

lawschool xls: https://we.tl/t-dfh0NXrOoi

Problem 2. The median starting salary for new law school graduates is determined by the following equation: log(salary); = B1 + B2LSAT; + ByGPA; + Blog(libvol); + Blog(cost); + Berank; + Ei, where . LSAT is the median LSAT (Law School Admission Test) score for the graduating class; . GPA is the median college GPA (Grade Point Average) for the class; . libvol is the number of volumes in the law school library; . cost is the annual cost of attending law school; . rank is a law school ranking (with rank = 1 being the best). Note: The log symbol refers to natural logarithm. Use the cross-sectional data in lawschool.xlex or lawschool.dta found from MyCourses (covering 136 law schools), and do the following:a) Report the estimated linear regression model. b) What is the predicted ceteris paribus difference in salary for schools with median LAST different by 5 points? (Report your answer as a percentage). c) Interpret the coefficient of the variable log(cost). d) How much is a difference in ranking of 10 worth in term of the predicted salary

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