a. Construct a 95% confidence interval estimate of the mean monthly rental for all one-bedroom apartments that are 820 square feet in size. (Type integers or decimals. Round to two decimal places as needed. Use ascending order.) b. Construct a 95% prediction interval of the monthly rental for an individual one-bedroom apartment that is 820 square feet in size. - X Data table (Type integers or decimals. Round to two decimal places as needed. Use ascending order.) Apartment Size (sq feet) c. Explain the differences in the results from (a) and (b). Rent (5) 1102 534 OA. Since there is more variation in predicting an individual value than in estimating a mean value, the prediction interval is narrower than the confidence interval, holding everything else fixed. OB. Since there is more variation in estimating a mean value than in predicting an individual value, the confidence interval is namrower than the prediction interval, holding everything else fixed. OC. Since there is more variation in estimating a mean value than in predicting an individual value, the confidence interval is wider than the prediction interval, holding everything else fixed. OD. Since there is more variation in predicting an individual value than in estimating a mean value, the prediction interval is wider than the confidence interval, holding everything else foxed. 2 624 1170 3 657 836 1192 1412 1203 1233 1467 4 450 542 5 786 807 1500 1511 1073 10 11 619 823 1675 1821 1643 1453 12 662 13 14 597 597 680 1387 15 736 1144 16 17 829 912 618 1149 1233 18 1435 19 649 1529 20 827 1099 21 789 793 932 1123 22 1254 23 1449 24 785 1160 25 788 969 738 1225 1390 1143 26 27 28 29 677 1083 1344 825 862 30 1518
a. Construct a 95% confidence interval estimate of the mean monthly rental for all one-bedroom apartments that are 820 square feet in size. (Type integers or decimals. Round to two decimal places as needed. Use ascending order.) b. Construct a 95% prediction interval of the monthly rental for an individual one-bedroom apartment that is 820 square feet in size. - X Data table (Type integers or decimals. Round to two decimal places as needed. Use ascending order.) Apartment Size (sq feet) c. Explain the differences in the results from (a) and (b). Rent (5) 1102 534 OA. Since there is more variation in predicting an individual value than in estimating a mean value, the prediction interval is narrower than the confidence interval, holding everything else fixed. OB. Since there is more variation in estimating a mean value than in predicting an individual value, the confidence interval is namrower than the prediction interval, holding everything else fixed. OC. Since there is more variation in estimating a mean value than in predicting an individual value, the confidence interval is wider than the prediction interval, holding everything else fixed. OD. Since there is more variation in predicting an individual value than in estimating a mean value, the prediction interval is wider than the confidence interval, holding everything else foxed. 2 624 1170 3 657 836 1192 1412 1203 1233 1467 4 450 542 5 786 807 1500 1511 1073 10 11 619 823 1675 1821 1643 1453 12 662 13 14 597 597 680 1387 15 736 1144 16 17 829 912 618 1149 1233 18 1435 19 649 1529 20 827 1099 21 789 793 932 1123 22 1254 23 1449 24 785 1160 25 788 969 738 1225 1390 1143 26 27 28 29 677 1083 1344 825 862 30 1518
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
Transcribed Image Text:An agent for a real estate company in a suburb has the business objective of developing more accurate estimates of the monthly rental cost for apartments. The agent would like to use the size of an apartment, as defined by square footage to predict the monthly rental cost. The agent collects data from a sample of 30
one-bedroom apartments. Complete parts (a) through (c).
Click the icon to view the data table.
a. Construct a 95% confidence interval estimate of the mean monthly rental for all one-bedroom apartments that are 820 square feet in size.
OSHYIX = 820
(Type integers or decimals. Round to two decimal places as needed. Use ascending order.)
b. Construct a 95% prediction interval of the monthly rental for an individual one-bedroom apartment that is 820 square feet in size.
Data table
OsYx= 820 U
(Type integers or decimals. Round to two decimal places as needed. Use ascending order.)
Apartment Size (sq feet)
Rent ($)
c. Explain the differences in the results from (a) and (b).
1
534
1102
O A. Since there is more variation in predicting an individual value than in estimating a mean value, the prediction interval is narrower than the confidence interval, holding everything else fixed.
624
1170
3
657
1192
O B. Since there is more variation in estimating a mean value than in predicting an individual value, the confidence interval is narrower than the prediction interval, holding everything else fixed.
4
836
1412
O C. Since there is more variation in estimating a mean value than in predicting an individual value, the confidence interval is wider than the prediction interval, holding everything else fixed.
450
1203
6.
542
1233
O D. Since there is more variation in predicting an individual value than in estimating a mean value, the prediction interval is wider than the confidence interval, holding everything else fixed.
7
786
1467
8.
807
1500
9.
1073
1511
10
619
1675
11
823
1821
12
662
1643
13
597
1453
14
680
1387
15
736
1144
16
829
1149
17
912
1233
18
618
1435
19
649
1529
20
827
1099
21
789
1123
22
793
1254
23
932
1449
24
785
1160
25
788
1225
26
969
1390
27
738
1143
28
677
1083
29
825
1344
30
862
1518
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