Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Algebra and Trigonometry

Authors: Ron Larson

10th edition

9781337514255, 1337271179, 133751425X, 978-1337271172

More Books

Students also viewed these Mathematics questions