The data shown below indicate the average tuition (in dollars) over a six-year period for private and public colleges in a region. Complete parts a through c below. Use α= 0.01 where needed.
Year 1 2 3 4 5 6
Private 8,195. 9,587 11,774 12,364 12,364 16,080
Public 2,045 2,347 3,179 3,650 4,669 5,660
Conduct a simple linear regression analysis of these data in which the average tuition for private colleges is predicted by the average public college tuition. Test the significance of the model using α=0.01
What is the estimated regression slope coefficient? (round to two decimals )
b1=
What is the estimated regression intercept? (round to nearest whole number as needed
b0=
Determine the rejection region for the test statistic t for α=0.01 (round to two decimals as needed)
___t <____ or t >___
Calculate the simple linear regression test statistic t. (round to two decimal places as needed.
t= ____
How much does the average private college tuition increase when the average public college tuition increases by $100?
When the average public college tuition reaches $7,500, how much would you expect the average private college tuition to be?