Answered: Below is data collected over 6 specific…

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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Question

Below is data collected over 6 specific years. The data collected is the Consumer Price Index (CPI) and the cost of tuna. We would like to build a model using the CPI to predict the cost of tuna in a given year.

Year

1960

1973

1986

1995

2002

2003

CPI (x)

30.2

48.3

112.3

162.2

191.9

197.8

tuna(y)

0.15

0.35

1.00

1.25

1.75

2.00

In the year 2000, the CPI was 187.1. Predict the cost of tuna that year. Provide a prediction interval. Don’t forget to make a concluding statement in the context of the problem.

-Notice that the margin of error in the prediction interval is fairly high (about 25% of the point estimate). Why is this? What could we do to make our prediction more accurate?

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