The data is presented in 18 columns, standing for 1. rank law school ranking 2. salary
Posted: Wed Jul 06, 2022 11:53 am
The data is presented in 18 columns, standing for 1. rank law school ranking 2. salary median starting salary 3. cost law school cost 4. LSAT median LSAT score 5. GPA median college GPA 6. libvol no. of volumes in libraries, 1000s 7. faculty no. of faculty 8. age age of law sch., years 9. clsize size of entering class 10. north =1 if law sch in north 11. south =1 if law sch in south 12. east =1 if law sch in east 13. west =1 if law sch in west 14. studfac student-faculty ratio 15. top10 =1 if ranked in top 10 16. r11_25 =1 if ranked 11-25 17. r26_40 =1 if ranked 26-40 18. r41_60 =1 if ranked 41-60The natural logarithm of the median starting salary for new lawschool graduates is modeled byz = β0 +β1x1 +β2x2 + β3lnx3 - β4x4 , where z = ln y, where y - median startingsalaryx1 - LSATx2 - GPAx3 - costx4 - rank
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Do not use Excel. Do all modifications if needed in Rdirectly.(i) Perform the Residual Analysis in R.(ii) Use R to find the parameters of the model(βi). Clearly state the model with thefound coefficients.Find the 95% confidence intervals for each parameter of themodel.(iii) Use R to find the coefficient of determination and interpretit.(iv) For testing hypotheses:H0: βi = 0H1: βi > 0,for i = 1, 2, 3, 4.find t-statistics. Then on paper show how to use them to makeconclusions.
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Do not use Excel. Do all modifications if needed in Rdirectly.(i) Perform the Residual Analysis in R.(ii) Use R to find the parameters of the model(βi). Clearly state the model with thefound coefficients.Find the 95% confidence intervals for each parameter of themodel.(iii) Use R to find the coefficient of determination and interpretit.(iv) For testing hypotheses:H0: βi = 0H1: βi > 0,for i = 1, 2, 3, 4.find t-statistics. Then on paper show how to use them to makeconclusions.