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Regression Analysis: Salaries for Professors

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The data for this problem are fictitious, but they are not far off. For each of the top 25 business schools, the attached file contains the average salary of a professor. Thus, for Indiana U. (number 15 in the rankings), the average salary is $46,000. Use this information and regression to show that IU is doing a great job with its available resources.

B-school Salaries

Ranking Avgerage_Salary
1 161
2 153
3 120
4 133
5 111
6 108
7 134
8 116
9 99
10 106
11 102
12 92
13 114
14 80
15 46
16 70
17 86
18 54
19 73
20 67
21 57
22 46
23 48
24 43
25 23

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https://brainmass.com/business/management-information-systems/regression-analysis-salaries-professors-195093

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B-school ...

Solution Summary

This solution shows step-by-step calculations to determine the regression equation of the average salary of a professor. The coefficient of determination is calculated and a conclusion is made.

$2.19