Question
1 80 3 97 4 92 4 102 6 103 8 111 10 119 10 123 11 117 13 136 The data on y =
1 | 80 |
3 | 97 |
4 | 92 |
4 | 102 |
6 | 103 |
8 | 111 |
10 | 119 |
10 | 123 |
11 | 117 |
13 | 136 |
The data ony= annual sales ($1,000s) for new customer accounts andx= numberof years of experience for a sample of 10 salespersons provided the estimated regression equation
= 80 + 4x.
For these data,
x= 7,
(xix)2= 142,
and
s= 4.6098.
(a)Develop a 95% confidence interval for the mean annual sales (in thousands of dollars) for all salespersons withtwoyears of experience. (Round your answers to two decimal places.)
$ thousand to $ thousand
(b)The company is considering hiring Tom Smart, a salesperson withtwoyears of experience. Develop a 95% prediction interval of annual sales (in thousands of dollars) for Tom Smart. (Round your answers to two decimal places.)
$ thousand to $ thousand
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started