M110 Project 1 Fall 2013 (20 points, due 10/07/2013 in class) Say, you need to study the trend in the cost of college education. Usually you need to finish the following three steps to write a report. Step 1: Collect data. Find the average costs for all institutions, public institutions and private institutions since 1980. (Hint: go to www.nces.ed.gov and then search ‘tuition cost’. There is a link called Fast Facts. Use Constant Dollars. No need to split to 4-year and 2-year institutions, i.e., only use the data in the column ‘All institutions’.) Step 2: Build a model. You need to set up three models separately to describe the costs of all institution, public institutions and private institutions. Let’s compare linear model and exponential model. So, compare the two models to find which the better choice is and explain why (Mathematical? Context?) Step 3: Estimation. For example, estimate the average tuition cost for all institutions, public institutions and private institutions in 2015 and 2020. Write a report including these three steps about the study of tuition cost of the US and estimate the costs in 2015 and 2020. You report should include the estimations of all institutions, public institutions and private institution. You need to show your work to support your conclusion (e.g. why do you choose linear model, or why do you choose exponential model). Quality of your scientific writing will be part of your score of this project.