Suppose you want to predict some future value of y when x = x p using the
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Suppose you want to predict some future value of y when x = xp using the prediction equation ŷ = β̂o + β̂1x. The error of prediction will be the difference between the actual value of yp and the predicted value ŷ, i.e.,
Error of prediction = yp - ŷ
a. Explain why the error of prediction will be normally distributed.
b. Find the expected value and the variance of the error of prediction.
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Related Book For
Statistics For Engineering And The Sciences
ISBN: 9781498728850
6th Edition
Authors: William M. Mendenhall, Terry L. Sincich
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