SCENARIO 18-8 the Superintendent of a School District Wanted to Predict the Predict

question 60

True/False

SCENARIO 18-8
The superintendent of a school district wanted to predict the percentage of students passing a sixth- grade proficiency test.She obtained the data on percentage of students passing the proficiency test (% Passing),daily mean of the percentage of students attending class (% Attendance),mean teacher salary in dollars (Salaries),and instructional spending per pupil in dollars (Spending)of 47 schools in the state.
Following is the multiple regression output with Y = % Passing as the dependent variable, X₁ =% Attendance, X ₂ = Salaries and X₃ = Spending:

-Referring to Scenario 18-8,the null hypothesis should be rejected at a 5% level of significance when testing whether there is a significant relationship between percentage of students passing the proficiency test and the entire set of explanatory variables.

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Definitions:

Elastic

A characteristic of goods where their demand or supply changes significantly when the price changes.

Monopolistic Competitor

A market structure where many firms offer products or services that are similar but not perfect substitutes, allowing for some degree of market power.

Excess Capacity

describes a situation where a firm produces less than its total output capacity, usually resulting in inefficiencies and higher production costs.

Economic Profit

The difference between total revenue and total economic costs, including both explicit and implicit costs, reflecting the true profitability of a firm.