Question
Simple linear regression analysis was applied between sales ( y in $1,000) and advertising ( x in $100), and the following regression function was obtained:
Simple linear regression analysis was applied between sales (y in $1,000) and advertising (x in $100), and the following regression function was obtained: y^=12+1.8xy^=12+1.8x. The following results for advertising of $500 were obtained based on the estimated regression line. Match the results to the correct descriptions.
$16,000 to $26,000 | Answer 1Choose...Prediction interval for an individual value of sales in dollars. Point estimate for sales in dollars. Confidence interval for the mean value of sales in dollars. |
$21,000 | Answer 2Choose...Prediction interval for an individual value of sales in dollars. Point estimate for sales in dollars. Confidence interval for the mean value of sales in dollars. |
$19,500 to $22,500 | Answer 3Choose...Prediction interval for an individual value of sales in dollars. Point estimate for sales in dollars. Confidence interval for the mean value of sales in dollars. |
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