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

question 106

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 are the degrees of freedom for the chi-square distribution when testing whether the model is a good-fitting model?

---

Definitions:

Consumption And Investment

Expenditures by households on goods and services and allocations of resources for future earnings.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing between multiple options.

Voluntary Exchange

is a transaction where parties trade goods or services by mutual agreement, each benefiting from the exchange.

Private Property Rights

The legal rights to possess, use, and dispose of assets such as land, buildings, or personal items, protected under the law.