1. We will examine the effect

timer Asked: Dec 16th, 2015

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1. We will examine the effect of selectivity (medium vs high) of a university that a student graduates from has on their income 20 years later. We also consider the individuals’ socio-economic background (low, medium, high). Assume that these students all had similar SAT scores and high school GPAs. While this data is simulated, it based on actual research. The data set for this problem is University which has the response variable Income (yearly income in dollars) with covariate Selectivity which measures their alma-mater’s selectivity and Socio which measures their socio-economic background. (a) Build an appropriate model. (b) Summarize the effect of socio-economic status and college selectivity on income. (c) For a person with low socio-economic background, give a confidence interval for the increase in income for attending a high selectivity university compared to a medium selectivity university. (d) Give an estimate and confidence interval for the difference in income between a person of high socio-economic background who went to a medium selectivity school vs a person of medium socio-economic background that went to a highly selective school.

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