Smart Sculpting has been contracted to train Utah's synchronized ice sculpting team. They have identified two...

 

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Smart Sculpting has been contracted to train Utah's synchronized ice sculpting team. They have identified two different independent variables (ice sculpting hours and number of ice blocks used in training) in two different equations to evaluate the cost of training. The results of the two regressions are as follows: SUMMARY OUTPUT - Sculpting hours Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations Intercept Sculpting hours Multiple R R Square Adjusted R Square Standard Error Observations 0.6986 0.4532 0.3143 $40,587 24 Intercept Number of blocks Coefficients $1,214.35 $21.90 SUMMARY OUTPUT - Number of ice blocks Regression Statistics 0.6145 0.3320 0.2874 $43,127 24 Standard Error Coefficients $6,764.58 $223.48 $425.78 $6.78 Standard Error $2,273.09 $152.58 t Stat 2.85 3.23 t Stat 2.98 1.46 Assume Smart Sculpting chooses to use the number of ice blocks to estimate the cost of training. Construct a 90% confidence interval for the cost of training when the number of ice blocks used is estimated at 1,300. Assume 1,300 ice blocks is within the relevant range. Smart Sculpting has been contracted to train Utah's synchronized ice sculpting team. They have identified two different independent variables (ice sculpting hours and number of ice blocks used in training) in two different equations to evaluate the cost of training. The results of the two regressions are as follows: SUMMARY OUTPUT - Sculpting hours Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations Intercept Sculpting hours Multiple R R Square Adjusted R Square Standard Error Observations 0.6986 0.4532 0.3143 $40,587 24 Intercept Number of blocks Coefficients $1,214.35 $21.90 SUMMARY OUTPUT - Number of ice blocks Regression Statistics 0.6145 0.3320 0.2874 $43,127 24 Standard Error Coefficients $6,764.58 $223.48 $425.78 $6.78 Standard Error $2,273.09 $152.58 t Stat 2.85 3.23 t Stat 2.98 1.46 Assume Smart Sculpting chooses to use the number of ice blocks to estimate the cost of training. Construct a 90% confidence interval for the cost of training when the number of ice blocks used is estimated at 1,300. Assume 1,300 ice blocks is within the relevant range.