A Researcher at a Local Law University Wishes to See

question 10

Essay

A researcher at a local law university wishes to see whether a studentʹs grade point average and age are related
to a studentʹs score on the state bar exam. Six students are randomly selected. The data are given below. $$\begin{array} { c | c | c | c } \text { Student } & \text { GPA } & \text { Age } & \text { Score } \\\hline 1 & 3.5 & 23 & 530 \\2 & 2.8 & 28 & 550 \\3 & 3.9 & 22 & 690 \\4 & 3.4 & 27 & 620 \\5 & 2.3 & 21 & 430 \\6 & 3.3 & 26 & 580\end{array}$$ a)Find a multiple regression equation for the data.
b)What is the standard error of estimate?
c)What is the coefficient of determination?
d)Interpret the results in (c).
e)Predict the state bar exam score for a 25-year-old student with a grade point average of 3.0.

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Definitions:

Multiplier

In economics, the factor by which gains in total output are greater than the change in spending that caused it, often used in the context of fiscal policy effects.

Equilibrium GDP

The level of GDP at which total supply and total demand in the economy are equal, resulting in no inherent tendency for the economy to change its level of output.

Full Employment GDP

The maximum output that an economy can produce without causing inflation, when all available resources are utilized efficiently.

Keynes

From the UK, this economist's theories ushered in a new era for macroeconomic practice and governmental economic policy-making.