More on public university tuition. Refer to the previous exercise.
(a) Construct a 95% confidence interval for the slope. What does this interval tell you about the annual percent increase in tuition between 2000 and 2008?
(b) What percent of the variability in 2008 tuition is explained by a linear regression model using the 2000 tuition?
(c) The tuition at Stat U was $5100 in 2000. What is the predicted tuition in 2008?
(d) The tuition at Moneypit U was $8700 in 2000. What is the predicted tuition in 2008?
(e) Discuss the appropriateness of using the fitted equation to predict tuition for each of these universities.