SCENARIO 18-11 a Logistic Regression Model Was Estimated in Order

question 311

Short Answer

SCENARIO 18-11 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 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 Scenario 18-11, what is the estimated probability that a school with a 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:

Net Present Value

A method used in capital budgeting to evaluate the profitability of an investment or project by calculating the difference between the present value of cash inflows and the present value of cash outflows.

Subjective Approach

A decision-making process based on personal opinions, interpretations, points of view, emotions, and judgment.

Discount Rates

The interest rate used to discount future cash flows to present value, often reflective of the risk associated with the cash flows.

Weighted Average

A computation that considers the different significance levels of the figures in a dataset.