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If the company spends $50K in ad spending (x = 50), what is the 95% prediction interval for the predicted value of revenue (y)? Hints:
If the company spends $50K in ad spending (x = 50), what is the 95% prediction interval for the predicted value of revenue (y)? Hints: You should be able to find the formula in textbook or online for the formula to be used to calculate the standard error of the estimate Note: when we use the t.ppf (Percent Point function), we are looking for the q values. If we want a 95% margin of error, that leave 5% in the two tails of the distribution. This means that each tail is 2.5% which means that the upper cutoff point is 97.5% and the lower is 2.5%
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