The following data are the monthly salaries y and the grade point averages x for students...

The following data are the monthly salaries y and the grade point averages x for students who obtained a bachelor's degree in business administration.

GPA	Monthly Salary ($)
2.6	3,600
3.5	3,800
3.6	4,300
3.2	3,700
3.5	4,100
2.8	2,400

The estimated regression equation for these data is = 40.7 + 1,127.9x and MSE =280,233.

a. Develop a point estimate of the starting salary for a student with a GPA of 3.0 (to 1 decimal).
$

b. Develop a 95% confidence interval for the mean starting salary for all students with a 3.0 GPA (to 2 decimals).
$ ( , )

c. Develop a 95% prediction interval for Ryan Dailey, a student with a GPA of 3.0 (to 2 decimals).
$ ( , )

Solutions

Expert Solution

The statistical software output for this problem is :

(a)

3424.4

(b)

$ (2745.8092)

(c)

$ (1805.55 , 5043.28)

orchestra answered 1 year ago

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