The business section of the Washington Times in March of 1997 listed 21 different used computers and
Question:
The business section of the Washington Times in March of 1997 listed 21 different used computers and printers and their sale prices. Also listed was the average hover bid. Partial results from the regression analysis using SAS software are shown in Figure.
(a) Explain the difference between the confidence interval on the mean and the prediction interval.
(b) Explain why the standard errors of prediction vary from observation to observation.
(c) Which observation has the lowest standard error of prediction? Why?
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Step by Step Answer:
a The confidence interval is an interval on the mean sale price for a given buyer...View the full answer
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Related Book For 
Probability & Statistics For Engineers & Scientists
ISBN: 9780130415295
7th Edition
Authors: Ronald E. Walpole, Raymond H. Myers, Sharon L. Myers, Keying
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