3) A counselor in the Admissions Office of a local university has compiled a database of information on a random sample of 85 colleges and universities in the U.S.

For purposes of this question the relevant variables are :

“Tuition” (in $, per semester, ranging from $4800 to $24,000)

“Percent of applicants offered admission to the school (in %, ranging from 12% to 89%)

To investigate the possible relationship between “Acceptance %” and “Tuition”, the following results

were obtained:

Regression Equation

Tuition = 21123 - 137.5 AccPct

What are the values for b0 and b1 in this problem ?

Explain the meaning of each of these coefficients IN THE CONTEXT OF THIS PROBLEM (be sure your explanation includes any relevant units).

Are there any limitations/cautions on your interpretations ?