Information regarding tuitionand fees at a small liberal arts college from 1951 to 2005

Chapter 0, Problem 28.24

(choose chapter or problem)

Information regarding tuitionand fees at a small liberal arts college from 1951 to 2005, with one exception, isprovided in Table 28.7. Use statistical software to answer the followingquestions.(a) Find the simple linear regression equation for predicting tuition and fees fromyear, and save the residuals and fitted values.(b) The value of tuition and fees in 1961 is missing from the data set. Use theleast-squares line to estimate this value.(c) Does the estimate obtained in part (b) intuitively make sense to you? That is,are you happy with this estimate? Explain.(d) Plot the residuals against year. What does the plot tell you about theadequacy of the linear fit?(e) Will this linear model overestimate or underestimate the tuition and fees atthis college in the 1990s?(f) Since the residual plot shows a quadratic trend, it might be helpful to add aquadratic term to this model. Fit the quadratic regression model and provide theestimated model.(g) Does the quadratic model provide a better fit than the linear model?(h) Would you be willing to make inferences based on the quadratic model?Explain.