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A sales manager collected the following data on annual sales for new customer accounts and the number of years of experience for a sample of 10 salespersons. Years of Annual Salesperson Experience Sales ($1000s) 80 81 82 101 107 102 7 103 8 109 9 104 10 119 The data on y = annual sales ($1000s) for new customer accounts and = number of years of experience for a sample of 10 salespersons provided the estimated regression equation ŷ = 78.07 +2.92x. For these data = 7.1, (₁-7)² = 154.90, and s=5.8255. a. Develop the 90% confidence interval for the mean annual sales ($1000s) for all salespersons with thirteen years of experience. ($ ) (to 2 decimals) b. The company is considering hiring Tom Smart, a salesperson with thirteen years of experience. Develop a 90% prediction interval of annual sales ($1000s) for Tom Smart. ($ 3) (to 2 decimals) 1 2 3 4 5 6 1 2 4 6 7 7 8 10 12 14

A sales manager collected the following data on annual sales for new customer accounts and the number of years of experience for a sample of 10 salespersons. Years of Annual Salesperson Experience Sales ($1000s) 80 81 82 101 107 102 7 103 8 109 9 104 10 119 The data on y = annual sales ($1000s) for new customer accounts and = number of years of experience for a sample of 10 salespersons provided the estimated regression equation ŷ = 78.07 +2.92x. For these data = 7.1, (₁-7)² = 154.90, and s=5.8255. a. Develop the 90% confidence interval for the mean annual sales ($1000s) for all salespersons with thirteen years of experience. ($ ) (to 2 decimals) b. The company is considering hiring Tom Smart, a salesperson with thirteen years of experience. Develop a 90% prediction interval of annual sales ($1000s) for Tom Smart. ($ 3) (to 2 decimals) 1 2 3 4 5 6 1 2 4 6 7 7 8 10 12 14

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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A sales manager collected the following data on annual sales for new customer accounts and the number of years of experience for a sample of 10 salespersons. Years of Annual Salesperson Experience Sales ($1000s) 80 81 82 1 2 3 4 5 6 7 8 9 1 2 4 6 7 7 8 10 12 14 101 107 102 103 109 104 10 119 The data on y = annual sales ($1000s) for new customer accounts and = number of years of experience for a sample of 10 salespersons provided the estimated regression equation ŷ = 78.07 +2.92€. For these data = 7.1, Σ(x₁ - x)² = 154.90, and = 5.8255. a. Develop the 90% confidence interval for the mean annual sales ($1000s) for all salespersons with thirteen years of experience. ($ X) (to 2 decimals) b. The company is considering hiring Tom Smart, a salesperson with thirteen years of experience. Develop a 90% prediction interval of annual sales ($1000s) for Tom Smart. ) (to 2 decimals) ($ c. Discuss the differences in your answers to parts (a) and (b). As expected, the prediction interval is much wider than the confidence interval. This is due to the fact that it is more difficult sales for one new salesperson with 13 years of experience than it is to estimate the mean annual sales for all salespersons with 13 years of experience. to predict annual
Transcribed Image Text:A sales manager collected the following data on annual sales for new customer accounts and the number of years of experience for a sample of 10 salespersons. Years of Annual Salesperson Experience Sales ($1000s) 80 81 82 1 2 3 4 5 6 7 8 9 1 2 4 6 7 7 8 10 12 14 101 107 102 103 109 104 10 119 The data on y = annual sales ($1000s) for new customer accounts and = number of years of experience for a sample of 10 salespersons provided the estimated regression equation ŷ = 78.07 +2.92€. For these data = 7.1, Σ(x₁ - x)² = 154.90, and = 5.8255. a. Develop the 90% confidence interval for the mean annual sales ($1000s) for all salespersons with thirteen years of experience. ($ X) (to 2 decimals) b. The company is considering hiring Tom Smart, a salesperson with thirteen years of experience. Develop a 90% prediction interval of annual sales ($1000s) for Tom Smart. ) (to 2 decimals) ($ c. Discuss the differences in your answers to parts (a) and (b). As expected, the prediction interval is much wider than the confidence interval. This is due to the fact that it is more difficult sales for one new salesperson with 13 years of experience than it is to estimate the mean annual sales for all salespersons with 13 years of experience. to predict annual
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