In Problem 13.9 on page 532, an agent for a real estate company wanted to predict the

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In Problem 13.9 on page 532, an agent for a real estate company wanted to predict the monthly rent for apartments, based on the size of an apartment. The data are stored in Rent.
a. Construct a 95% confidence interval estimate of the mean monthly rental for all apartments that are 1,000 square feet in size.
b. Construct a 95% prediction interval of the monthly rental for an individual apartment that is 1,000 square feet in size.
c. Explain the difference in the results in (a) and (b).
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Basic Business Statistics Concepts And Applications

ISBN: 9780132168380

12th Edition

Authors: Mark L. Berenson, David M. Levine, Timothy C. Krehbiel

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