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In: Statistics and Probability

End of Section Problem 12.46 A corporation owns several companies. The strategic planner for the corporation...

End of Section Problem 12.46 A corporation owns several companies. The strategic planner for the corporation believes dollars spent on advertising can to some extent be a predictor of total sales dollars. As an aid in long-term planning, she gathers the following sales and advertising information from several of the companies for 2011 ($ millions). Advertising Sales 12.5 148 3.7 55 21.6 338 60.0 994 37.6 541 6.1 89 16.8 126 41.2 379 a. Construct a 98% confidence interval for the average value of y for the given data; use x = 20, se = 108.8, and the equation of the regression line, . b. Construct a 98% prediction interval for a single value of y for the given data; use x = 20, se = 108.8, and the equation of the regression line, . c. Which is wider? Why? (Do not round the intermediate values. Round answers to 2 decimal places.) a. ≤ E(y20) ≤ b. ≤ y ≤ c. The confidence interval for the is wider than the confidence interval for the because the average is more towards the and individual values of y

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orchestra answered 2 years ago
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