Homework 3

Homework 3 - Homework 3 STAT 331 Fall 2008 1. DESCRIPTIVE...

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Homework 3 STAT 331 Fall 2008 1. DESCRIPTIVE ABSTRACT: The data set was derived from two sources: 1) U.S. News & World Report's 1995 Guide to Americas Best Colleges and 2) AAUP's (American Association of University Professors) 1994 Salary Survey (see http://www.stat.duke.edu). VARIABLE DESCRIPTIONS: tuition College tuition ("out-of-state" rate for those with in-state discount). pcttop25 Percent of new students from the top 25% of high school class. sf_ratio Student to faculty ratio. fac_comp Average faculty compensation. accrate Fraction of applicants accepted for admission. graduat Percent of students who graduate. pct_phd Percent of faculty with Ph.D.'s. fulltime Percent of undergraduates who are full time students. alumni Percent of alumni who donate. num_enrl Number of new students enrolled. public Is the college a public or private institution? (public=0, private=1) Values are aligned and delimited by blanks. Not available observations are denoted as NA. YOUR TASK Based on a linear regression model to be developed, answer the following questions: 1) What variables are related to tuition? Why? Justify your answer. 2) What is the relationship between tuition and factors that may influence tuition levels? Justify your answer. 3) Have you met any multicollinearity issues? Discuss your results. 4) What is a good statistical model for tuition charges? Why? Justify your answer. 5) Are there any outliers? Are there any influential observations? Discuss your findings. 6) What are the limitations of the data and proposes statistical models? Can it be used for prediction and planning? Discuss all pros and cons. 7) The data are from USA. Will the model work in Canada? Justify your answer. 1
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tuition sf_ratio accrate pct_phd alumni public/private pcttop25 fac_comp graduat fulltime num_enrl 3400 NA 14.30 42300 0.682 40.00 53.00 92.85 NA 984 0 5600 27.00 32.80 NA 0.928 55.00 52.00 70.28 NA 179 1 4440 78.00 18.90 47700 0.660 51.00 72.00 87.81 8.00 570 0 3000 NA 18.70 NA 0.705 15.00 48.00 90.91 NA 1278 0 6300 57.00 16.70 54600 0.900 69.00 85.00 90.46 18.00 3070 0 2600 6.00 16.50 NA 1.000 36.00 64.00 47.02 NA 644 0 4104 46.00 25.30 54800 0.735 50.00 94.00 63.21 3.00 1686 0 11660 88.00 14.00 52300 0.730 72.00 74.00 86.92 34.00 287 1 2970 40.00 19.40 50300 0.646 76.00 62.00 78.49 5.00 625 0 8080 47.00 11.40 36600 0.855 44.00 63.00 81.02 9.00 127 1 2610 NA 20.10 49300 0.868 33.00 66.00 77.77 6.00 887 0 5780 30.00 17.90 NA 0.728 43.00 70.00 89.18 27.00 137 1 1740 NA 18.80 36300 0.794 36.00 58.00 92.50 4.00 444 0 9550 24.00 14.10 34200 0.981 58.00 64.00 58.35 18.00 222 1 4000 NA 16.70 NA 0.622 15.00 35.00 85.85 2.00 242 1 6550 NA 15.10 55400 NA NA 58.00 26.92 13.00 1725 0 6150 54.00 16.60 36300 0.732 52.00 59.00 82.48 4.00 269 1 4860 47.00 17.40 50300 0.909 43.00 103.0 90.00 16.00 243 0 3811 39.00 14.60 43600 0.940 NA 71.00 83.43 28.00 1268 0 5504 75.00 17.70 46000 0.621 73.00 71.00 93.62 37.00 806 1 7115 53.00 14.30 56100 0.865 34.00 91.00 69.96 NA 1891 0 6639 NA
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Homework 3 - Homework 3 STAT 331 Fall 2008 1. DESCRIPTIVE...

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