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TABLE 14-11
A logistic regression model was estimated in order to predict the probability that a randomly chosen university or college would be a private university using information on average total Scholastic Aptitude Test score (SAT) at the university or college, the room and board expense measured in thousands of dollars (Room/Brd), and whether the TOEFL criterion is at least 550 (Toefl550 = 1 if yes, 0 otherwise.) The dependent variable, Y, is school type (Type = 1 if private and 0 otherwise).
The Minitab output is given below:
Logistic Regression Table
Log-Likelihood = -21.883
Test that all slopes are zero: G = 62.083, DF = 3, P-Value = 0.000
Goodness-of-Fit Tests
-Referring to Table 14-11, what is the p-value of the test statistic when testing whether the model is a good-fitting model?
Total Utility
The total satisfaction or benefit received by consuming a particular amount of a good or service.
Income
Financial returns, mainly recurring, as compensation for work or investment income.
Technological Advance
The introduction of new technologies or the improvement of existing technologies, leading to better products, services, or ways of doing things.
Process Innovation
The introduction of new or significantly improved production or delivery methods, enhancing efficiency and effectiveness.
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