The median starting salary for new law graduates is determined by log(salary) = B, + B,LSAT + B2GPA + B3log(libvol) + B4log(cost) + Bgrank 1+ E where LSAT is the median LSAT score for the graduating...

Extracted text: The median starting salary for new law graduates is determined by log(salary) = B, + B,LSAT + B2GPA + B3log(libvol) + B4log(cost) + Bgrank 1+ E where LSAT is the median LSAT score for the graduating students, GPA is the median university GPA for the class, libvol is the number of volumes in the institution law library, cost is the annual cost of attending university to read law, and rank is a ranking for the institution offering the law degree (with rank 5 1 being the best).


Extracted text: log(salary) = 8.34 + 0.0047LSAT + 0.248GPA + 0.095log(libvol) + 0.038log(cost) + 0.0033rank 1+ ɛ 136, R2: = 0.842 n = What is the predicted ceteris paribus difference in salary for institutions with a median GPA different by one point? (Report your answer as a percentage.)