10.14 Predicting college debt. Refer to Exercise 10.12. Baruch College has substantially less average debt compared to the other schools with similar in-state costs. Figure 10.13 contains JMP output for the simple linear regression of AveDebt on InCostAid with this case removed.

  1. (a) State the least-squares regression line.

  2. (b) The University of North Florida is one school in this sample. It has an in-state cost of $11,421 and average debt of $17,617. What is the residual?

  3. (c) Construct a 95% confidence interval for the slope. What does this interval tell you about the change in average debt for a $1000 change in the in-state cost?

  4. (d) Penn State University is reported to have an adjusted in-state cost of $23,053. Discuss the appropriateness of using this data set to predict the average debt for this university.