36. In exercise 10, data on x temperature rating (F) and y price ($) for...
Question:
36. In exercise 10, data on x temperature rating (F) and y price ($) for 11 sleeping bags manufactured by Bergans of Norway provided the estimated regression equation
359.2668 5.2772x. For these data s 37.9372.
a. Develop a point estimate of the price for a sleeping bag with a temperature rating of 30.
b. Develop a 95% confidence interval for the mean overall temperature rating for all sleeping bags with a temperature rating of 30.
c. Suppose that Bergans developed a new model with a temperature rating of 30. Develop a 95% prediction interval for the price of this new model.
d. Discuss the differences in your answers to parts
(b) and (c).
Step by Step Answer:
Essentials Of Statistics For Business And Economics
ISBN: 9780324568608
5th Edition
Authors: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams