Question

Following are the age and price data for Corvettes from Exercise 14.17.
a. Obtain a point estimate for the mean price of all 4-year-old Corvettes.
b. Determine a 90% confidence interval for the mean price of all 4-year-old Corvettes.
c. Find the predicted price of a 4-year-old Corvette.
d. Determine a 90% prediction interval for the price of a 4-yearold Corvette.
e. Draw graphs similar to those in Fig. 14.11 on page 574, showing both the 90% confidence interval from part (b) and the 90% prediction interval from part (d).
f. Why is the prediction interval wider than the confidence interval?
Presuming that the assumptions for regression inferences are met, determine the required confidence and prediction intervals.


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  • CreatedAugust 13, 2015
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