Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Mr. James McWhinney, president of Daniel-James Financial Services, believes there is a relationship between the number of client contacts and the dollar amount of sales.

Mr. James McWhinney, president of Daniel-James Financial Services, believes there is a relationship between the number of client contacts and the dollar amount of sales. To document this assertion, Mr. McWhinney gathered the following sample information. The X column indicates the number of client contacts last month, and the Y column shows the value of sales ($ thousands) last month for each client sampled. (Round the final answers to 2 decimal places.)

Number of Contacts, X Sales ($ thousands), Y Number of Contacts, X Sales ($ thousands), Y
43 $63 22 $26
37 60 26 49
34 30 44 67
29 41 41 67
22 33 13 25

a.Determine the 95% confidence interval, in thousands of dollars, for the mean of all sales personnel who make 35 contacts.

[ , ]

b.Determine the 95% prediction interval, in thousands of dollars, for a particular salesperson who makes 35 contacts.

[ , ]

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Statistical Techniques In Business And Economics

Authors: Douglas Lind, William Marchal

16th Edition

356

More Books

Students also viewed these Mathematics questions

Question

What are some of the topics studied?

Answered: 1 week ago

Question

This way of storing a graph is called Bakery

Answered: 1 week ago