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Are more selective colleges more expensive? This is a question asked by students enrolled in...

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Are more selective colleges more expensive? This is a question asked by students enrolled in a statistics course at a liberal arts college. To answer this question, the students collected information on a random sample of 41 liberal arts colleges across the nation. They considered the regression model given below Following questions will be answered based on the output below Heon = B. + B, PRIVATE + B, ADM_RATE Variable Description COST Average cost of attendance PRIVATE Is the school private? (0 no. 1 - yes) ADM RATE Admissions rate Below is the output the students obtained from their favorite statistical software package. Term Estimate Std. Error value Intercept 33670.89 5486.87 6.137 PRIVATE 22713.66 3566.25 6.369 ADM RATE -186.60 68.73 -2.715 R = 0.6009 Adj.R2 = 0.5799 58864 What proportion of the variation in the average cost of attendance does this multiple regression model explain? O A.5799 O B..6800 OC..6009 D. 8884

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