Use the provided Excel file (350_Case_2.xlsx) to answer all the questions below. Each question answered in separate tabs of the same Excel file.
1. Develop a simple linear regression equation for starting salaries using an independent variable that has the closest relationship with the salaries. Explain how you chose this variable.
2. Present the simple linear regression equation, identify and explain the coefficient of determination, intercept and regression coefficient, and significance of F-test. Based on this analysis, is your regression equation “good for use”? Explain.
3. Provide a numeric example of how this regression equation may be used to predict students’ starting salaries.
4. Develop a multiple regression equation for starting salaries using School_Ranking, GPA, and Experience as independent variables. Is this regression equation “good for use”? Explain.
5. If the multiple regression equation in the previous question is not “good for use”, how would you suggest improving this multiple regression equation? Present the improved multiple regression equation. Give a numeric example of how this improved multiple regression equation may be used to predict students’ starting salaries.