vii. Detemine the 95 percent confidence interval for the mean annual salary for all individuals in the population with 5.5 years of experience and 4.0 years of postsecondary education. vii. Detemine the 95 percent prediction interval for the mean annual salary for all individuals in the population with 5.5 years of experience and 4.0 years of postsecondary education. Compare this interval with the one obtained in (vii) above and interpret the meaning of this prediction interval.

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
icon
Related questions
icon
Concept explainers
Question
vii. Detemine the 95 percent confidence interval for the mean annual salary for all
individuals in the population with 5.5 years of experience and 4.0 years of
postsecondary education.
vii. Detemine the 95 percent prediction interval for the mean annual salary for all
individuals in the population with 5.5 years of experience and 4.0 years of
postsecondary education. Compare this interval with the one obtained in (vii)
above and interpret the meaning of this prediction interval.
Transcribed Image Text:vii. Detemine the 95 percent confidence interval for the mean annual salary for all individuals in the population with 5.5 years of experience and 4.0 years of postsecondary education. vii. Detemine the 95 percent prediction interval for the mean annual salary for all individuals in the population with 5.5 years of experience and 4.0 years of postsecondary education. Compare this interval with the one obtained in (vii) above and interpret the meaning of this prediction interval.
Tutorial 8: Multiple Regression
The table below reports the results of the regression analysis on the relationships between
salary data for n=14 randomly sampled systems analysts from a large population of such
individuals and their years of experience (Exper) and years of postsecondary education
(Educ):
Variable
Coefficients
Standard Error
I-stat
p-value
Intercept
EXPER
2690
204.6
45511
16.92
0.000
825.7
4.04
0.002
EDUC
1603.7
536.3
2.99
0.012
s= 2156
R-sq = 0.672
R-sq (Adj) = 0.613
ANOVA
Source
DF
SS
MS
F-stat
P
0.002
Regression
Residual
Total
2
104862168
52431084
11.28
11
51149976
4649998
13
156012144
Prediction Interval
3
Salary
4
5
Predicted value
56467
6.
7
Prediction Interval (95%)
8
Lower limit
51548
9
Upper limit
61386
10
Interval Estimate of Expected Value (95%)
Lower limit
11
12
55180
13
Upper limit
57755
Transcribed Image Text:Tutorial 8: Multiple Regression The table below reports the results of the regression analysis on the relationships between salary data for n=14 randomly sampled systems analysts from a large population of such individuals and their years of experience (Exper) and years of postsecondary education (Educ): Variable Coefficients Standard Error I-stat p-value Intercept EXPER 2690 204.6 45511 16.92 0.000 825.7 4.04 0.002 EDUC 1603.7 536.3 2.99 0.012 s= 2156 R-sq = 0.672 R-sq (Adj) = 0.613 ANOVA Source DF SS MS F-stat P 0.002 Regression Residual Total 2 104862168 52431084 11.28 11 51149976 4649998 13 156012144 Prediction Interval 3 Salary 4 5 Predicted value 56467 6. 7 Prediction Interval (95%) 8 Lower limit 51548 9 Upper limit 61386 10 Interval Estimate of Expected Value (95%) Lower limit 11 12 55180 13 Upper limit 57755
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Correlation, Regression, and Association
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman