Q6 Using the Consumer Transportation Survey data below, develop 95% and 99% prediction intervals as described in
Question:
Q6 Using the Consumer Transportation Survey data below, develop 95% and 99% prediction intervals as described in parts a through d.
a What is the upper limit for a 95% prediction interval for the hours per week that a an individual will spend in his or her vehicle?
b What is the lower limit for a 95% prediction interval for the hours per week that a an individual will spend in his or her vehicle?
c What is the upper limit for a 99% prediction interval for the miles driven per week for an individual?
d What is the lower limit for a 99% prediction interval for the miles driven per week for an individual?
Hours per week in vehicle Miles driven per week
10 700
12 580
15 850
5 400
3 420
5 500
5 350
15 1400
5 250
4 400
8 400
15 800
6 285
15 1000
4 275
10 675
5 370
16 840
5 300
4 300
21 1000
5 300
10 600
2 200
6 300
10 450
10 700
5 350
10 600
5 150
10 700
5 400
3 400
10 450
10 720
5 350
5 175
8 350
30 1500
6 355
5 350
11 600
10 800
5 175
5 350
avg
stdev.s
Principles Of Managerial Finance
ISBN: 978-0136119463
13th Edition
Authors: Lawrence J. Gitman, Chad J. Zutter