The following data give the starting salary for students who recently graduated from a local university and
Question:
The following data give the starting salary for students who recently graduated from a local university and accepted jobs soon after graduation. The starting salary, grade-point average (GPA), and major (business or other) are provided.
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(a) Using a computer, develop a regression model that could be used to predict starting salary based on GPA and major.
(b) Use this model to predict the starting salary for a business major with a GPA of 3.0.
(c) What does the model say about the starting salary for a business major compared to a nonbusiness major?
(d) Do you believe this model is useful in predicting the starting salary? Justify your answer, using information provided in the computer output.
Step by Step Answer:
a Here Major is a categorical variable so we need to convert it into number Let us define Major 0 if ...View the full answer
Quantitative Analysis for Management
ISBN: 978-0132149112
11th Edition
Authors: Barry render, Ralph m. stair, Michael e. Hanna
