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).
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.6: Summarizing Categorical Data
Problem 23PPS
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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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