This study is to find a relationship between in-state tuition and percentage of faculty members with PhDs. For this study, a regression was run using...

This study is to find a relationship between in-state tuition and percentage of faculty members with PhDs. For this study, a regression was run using a data set of U.S. colleges from years gone by. In-state tuition is in dollars ($). Following is the regression output.

Model Summary
Model		R-Squared	Adjusted R-Squared	Std. Error of the Estimate
	0.613	0.375	0.371	55.5495

Coefficients
Model	Unstandardized Coefficients		Standardized Coefficients		Sig. (P-value)
		Std. Error	Beta
(Constant)	316.7	18.764		16.878	.000

Percentage of faculty with Ph.D. degrees.	2.419	0.244	0.613	9.893	.000

Part 1 Question

Interpret the coefficient of “Percentage of faculty with Ph.D. degrees.”

Part 2 Question

Interpret the statistical significance tests (P-value) associated with “Percentage of faculty with Ph.D. degrees.” State the null and alternative hypotheses.

Part 3 Question

Discuss the practical significance (R-squared and P-value) of the coefficient of “Percentage of faculty with Ph.D. degrees.”