Question: A previous exercise discussed the relationship between the average college tuition (in 2003 dollars) for private and public colleges. The data indicated in the article follow:
a. Construct the regression equation that would predict the average college tuition for private colleges using that of the public colleges.
b. Determine if there is a linear tendency for the average college tuition for private colleges to increase when the average college tuition for public colleges increases. Use a significance level of 0.05 and a p-value approach.
c. Provide a 95% confidence interval for the average college tuition for private colleges when the average college tuition for public colleges reaches $7,000.
d. Is it plausible that the average college tuition for private colleges would be larger than $35,000 when the average college tuition for public colleges reaches $7,000? Support your assertion with statistical reasoning.