- Anything Will Help Thank You 1 (104.43 KiB) Viewed 35 times
Anything will help, Thank you!
-
answerhappygod
- Site Admin
- Posts: 899604
- Joined: Mon Aug 02, 2021 8:13 am
Anything will help, Thank you!
Anything will help, Thank you!
3. [1/5 Points] DETAILS PREVIOUS ANSWERS ASWESBE9 14.E.036. DATAfile: Sales You may need to use the appropriate appendix table technology to answer this question. 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 ý = 80 + 4x. For these data, x= 7, Σ(x,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 two years of experience. (Round your answers two decimal places.) thousand $ 82.42 X thousand to $ 93.58 MY NOTES (b) The company is considering hiring Tom Smart, a salesperson with two 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 $ X thousand (c) Discuss the differences in your answers to parts (a) and (b). O The confidence interval is wider than the prediction interval, because there is less variability associated with predicting annual sales for one new salesperson with two years of experience than there is with estimating the mean annual sales for all salespersons with two years of experience. O The confidence interval is wider than the prediction interval, because you use a different critical value when developing a prediction of the annual sales for one new salesperson with two years of experience than when developing an estimate of the mean annual sales for all salespersons with two years of experience. O The prediction interval wider than the confidence interval, because there is more variability associated with predicting annual sales for one new salesperson with two years of experience than there is with estimating the mean annual sales for all salespersons with two years f experience. Need Help? Read It O The prediction interval wider than the confidence interval, because confidence intervals are used to predict values of y for new observations corresponding to given values of x, and prediction intervals give an estimate of the mean value of y for a given value of x. The prediction interval is wider than the confidence interval, because you use a different critical value when developing a prediction of the annual sales for one new salesperson with two years of experience than when developing an estimate of the mean annual sales for all salespersons with two years of experience.
3. [1/5 Points] DETAILS PREVIOUS ANSWERS ASWESBE9 14.E.036. DATAfile: Sales You may need to use the appropriate appendix table technology to answer this question. 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 ý = 80 + 4x. For these data, x= 7, Σ(x,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 two years of experience. (Round your answers two decimal places.) thousand $ 82.42 X thousand to $ 93.58 MY NOTES (b) The company is considering hiring Tom Smart, a salesperson with two 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 $ X thousand (c) Discuss the differences in your answers to parts (a) and (b). O The confidence interval is wider than the prediction interval, because there is less variability associated with predicting annual sales for one new salesperson with two years of experience than there is with estimating the mean annual sales for all salespersons with two years of experience. O The confidence interval is wider than the prediction interval, because you use a different critical value when developing a prediction of the annual sales for one new salesperson with two years of experience than when developing an estimate of the mean annual sales for all salespersons with two years of experience. O The prediction interval wider than the confidence interval, because there is more variability associated with predicting annual sales for one new salesperson with two years of experience than there is with estimating the mean annual sales for all salespersons with two years f experience. Need Help? Read It O The prediction interval wider than the confidence interval, because confidence intervals are used to predict values of y for new observations corresponding to given values of x, and prediction intervals give an estimate of the mean value of y for a given value of x. The prediction interval is wider than the confidence interval, because you use a different critical value when developing a prediction of the annual sales for one new salesperson with two years of experience than when developing an estimate of the mean annual sales for all salespersons with two years of experience.
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!