The yearly tuition costs (x, in hundreds of dollars), for six state universities are given in the table below. For each university the student/faculty ratio (y) is also given, expressed as the number of students for each faculty member.
|
Tuition Cost
|
Student Faculty Ration
|
|
55
|
10
|
|
79
|
6
|
|
58
|
18
|
|
71
|
15
|
|
89
|
4
|
|
65
|
19
|
a) What is the slope of the least squares line? Interpret this value.
b) What is the correlation between tuition cost and student/faculty ratio? Interpret this ?value.
c) Would it be appropriate to predict the student/faculty ratio in a university with tuition ?costs of $2,000?
d) What is the residual for the university with tuition costs of $5,500?
e) What is the total amount of squared variability that exists in the student/faculty ratio variable?