The following partial MINITAB regression output for the real estate sales price data relates to predicting the sales price of a home having 2,000 square feet.

a. Report (as shown on the MINITAB output) a point estimate of and a 95 percent confidence interval for the mean sales price of all houses having 2,000 square feet.
b. Report (as shown on the MINITAB output) a point prediction of and a 95 percent prediction interval for the sales price of an individual house having 2,000 square feet.
c. If you were purchasing a home having 2,000 square feet, which of the above intervals would you find to be most useful? Explain.

Transcribed Image Text:

Predicted Values for New Observations Fit SE Fit New Obs 0 95% CI 95% PI 1 162.03 3.47 (154.04, 170.02) (136.34, 187.72)