1

I am trying to find the rate of change for the following points:

x=years

0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16

y=tuition fees

25430
26160
27230
28540
29910
31450
33000
33000
34290
35340
36640
37000
38650
40170
41820
43450
45320

These points are in order. No matter what I try, I have trouble finding the rate of increase. What I am trying to do is find the tuition fee if x was 17 and if x was 22. I am also looking for the x when y is 100000. What do I do to find the percentage for the rate of change and how do I find out the y value from the percentage? What is the line of best fit?

lennon310
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ineedsomehelpplease
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2 Answers2

1

You should not be finding $y$ if $x$ is 17 or 22, or $x$ if $y$ is 100,000. The regression model should not be used to extrapolate to regions where you have no data. This can lead you to go horribly wrong as seen in the image below, which I pulled from another response on here. enter image description here

Heteroskedastic Jim
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0

If you assume the rate of change is well-fit by a linear model, just fit a standard linear regression model and then then the average per unit increase in tuition for a 1-unit change in year would be equal to the regression coefficient.

StatsStudent
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