In: Statistics and Probability
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.
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). |
The statistical software output for this problem is :
(a)
3424.4
(b)
$ (2745.8092)
(c)
$ (1805.55 , 5043.28)