TABLE 14-18 A Logistic Regression Model Was Estimated in Order to Predict

question 55

Short Answer

TABLE 14-18
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 mean 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:
-Referring to Table 14-18, what is the estimated probability that a school with an mean SAT score of 1100, a TOEFL criterion that is not at least 550, and the room and board expense of 7 thousand dollars will be a private school?

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Definitions:

Price Range

The spread between the highest and lowest selling price of a commodity or service over a certain period of time, reflecting its market volatility or stability.

Elasticity of Demand

A determination of the responsiveness of consumer interest in a good due to price fluctuations.

Unit Elasticity

Describes a scenario in demand or supply where the percentage change in quantity demanded or supplied is equal to the percentage change in price.

Total Revenue

The total income generated by a firm from its sales of goods or services, calculated as quantity sold times price.