In exercise 7, the data on y = annual sales ($1000s) for new customer accounts and x = number of years of experience for a sample of 10 salespersons provided the estimated regression equation yˆ = 80 + 4x. For these data x = 7, o(xi − x)2 = 142, and s = 4.6098. a. Develop a 95% confidence interval for the mean annual sales for all salespersons with nine years of experience. b. The company is considering hiring Tom Smart, a salesperson with nine years of experience. Develop a 95% prediction interval of annual sales for Tom Smart. c. Discuss the differences in your answers to parts (a) and (b).
In exercise 7, the data on y = annual sales ($1000s) for new customer accounts and x = number of years of experience for a sample of 10 salespersons provided the estimated regression equation yˆ = 80 + 4x. For these data x = 7, o(xi − x)2 = 142, and s = 4.6098. a. Develop a 95% confidence interval for the mean annual sales for all salespersons with nine years of experience. b. The company is considering hiring Tom Smart, a salesperson with nine years of experience. Develop a 95% prediction interval of annual sales for Tom Smart. c. Discuss the differences in your answers to parts (a) and (b).
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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In exercise 7, the data on y = annual sales ($1000s) for new customer accounts and
x = number of years of experience for a sample of 10 salespersons provided the estimated
regression equation yˆ = 80 + 4x. For these data x = 7, o(xi − x)2 = 142, and s = 4.6098.
a. Develop a 95% confidence interval for the mean annual sales for all salespersons with
nine years of experience.
b. The company is considering hiring Tom Smart, a salesperson with nine years of experience.
Develop a 95% prediction interval of annual sales for Tom Smart.
c. Discuss the differences in your answers to parts (a) and (b).
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