The data on y = annual sales ($1,000s) for new customer accounts and x = number of years of experience for a sample of 10 salespersons provided the estimated regression equation ŷ = 80 + 4x. For these data, x = 7, Σ(xi − x)2 = 142, and s = 4.6098. (a) Develop a 95% confidence interval for the mean annual sales (in thousands of dollars) for all salespersons with twelve years of experience. (Round your answers to two decimal places.) $ thousand to $ thousand (b) The company is considering hiring Tom Smart, a salesperson with twelve years of experience. Develop a 95% prediction interval of annual sales (in thousands of dollars) for Tom Smart. (Round your answers to two decimal places.) $ thousand to $ thousand
The data on y = annual sales ($1,000s) for new customer accounts and x = number of years of experience for a sample of 10 salespersons provided the estimated regression equation ŷ = 80 + 4x. For these data, x = 7, Σ(xi − x)2 = 142, and s = 4.6098. (a) Develop a 95% confidence interval for the mean annual sales (in thousands of dollars) for all salespersons with twelve years of experience. (Round your answers to two decimal places.) $ thousand to $ thousand (b) The company is considering hiring Tom Smart, a salesperson with twelve years of experience. Develop a 95% prediction interval of annual sales (in thousands of dollars) for Tom Smart. (Round your answers to two decimal places.) $ thousand to $ thousand
Chapter4: Linear Functions
Section: Chapter Questions
Problem 30PT: For the following exercises, use Table 4 which shows the percent of unemployed persons 25 years or...
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The data on y = annual sales ($1,000s) for new customer accounts and x = number of years of experience for a sample of 10 salespersons provided the estimated regression equation
ŷ = 80 + 4x.
For these data,
x = 7,
Σ(xi − x)2 = 142,
and
s = 4.6098.
(a)
Develop a 95% confidence interval for the mean annual sales (in thousands of dollars) for all salespersons with twelve years of experience. (Round your answers to two decimal places.)
$ thousand to $ thousand
(b)
The company is considering hiring Tom Smart, a salesperson with twelve years of experience. Develop a 95% prediction interval of annual sales (in thousands of dollars) for Tom Smart. (Round your answers to two decimal places.)
$ thousand to $ thousand
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