Examine the regression and scatterplot showing the regression line, 95% confidence intervals, and 95% prediction intervals using
Question:
a) Explain the meaning of the 95% prediction intervals in this context.
b) Explain the meaning of the 95% confidence intervals in this context. You can see the regression model in Exercise 54. The extraordinary point is Iceland. If we set it aside, the model looks like this
c) How has setting aside Iceland changed the regression model? How is it likely to affect the intervals discussed in a) and b)?
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Related Book For
Business Statistics
ISBN: 9780321925831
3rd Edition
Authors: Norean Sharpe, Richard Veaux, Paul Velleman
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