Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Simple linear regression is used to predict the amount of money won on a television game show based on years of education. The predicted winnings
Simple linear regression is used to predict the amount of money won on a television game show based on years of education. The predicted winnings of a contestant with 15 years of education is $4,000. The corresponding 95% confidence interval is ($3,300; $4,700) and the 95% prediction interval is ($2,400; $5,600). Which one of the following is true?
- We are 95% confident that a particular contestant who has 15 years of education wins between $3,300 and $4,700.
- 95% of contestants with 15 years of education win between $2,400 and $5,600.
- 95% of contestants with 15 years of education on average win between $3,300 and $4,700.
- We are 95% confident that a particular contestant who has 15 years of education wins between $2,400 and $5,600.
- 95% of contestants with 15 years of education win between $3,300 and $4,700.
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