Question: In exercise 7, the data on y = annual sales ($1,000s) for new customer accounts and x = number of years of experience for a

In exercise 7, the data on y = annual sales ($1,000s) for new customer accounts and x = number of years of experience for a sample of 10 salespersons provided the estimated regression equation y = 80 + 4x. For these data x = 7, ∑(xi – x)2 = 142, and s = 4.6098.
a. Develop a 95% confidence interval for the mean annual sales for all salespersons with nine years of experience.
b. The company is considering hiring Tom Smart, a salesperson with nine years of experience. Develop a 95% prediction interval of annual sales for Tom Smart.
c. Discuss the differences in your answers to parts (a) and (b).

Step by Step Solution

★★★★★

3.30 Rating (159 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a 116 230616503 116 38056 Or 11219 to 11981 112190 to 119810 b 116 230648963 116 112909 Or 10471 ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

404-M-S-L-R (1063).docx

120 KBs Word File

Students Have Also Explored These Related Statistics Questions!

Explain why your answers to parts c, d, and e of Problem 7.38 are consistent with the pKa's of the starting acids and product acids. Problem 7.38 a. b. c. a-O-OH + NaOH Cl + NaOH CH CH CHCH SH+ NaOH

The data from exercise 1 follow. The estimated regression equation for these data is y = .20 + 2.60x. a. Compute SSE, SST, and SSR using equations (12.8), (12.9), and (12.10). b. Compute the...

Mr. Ashish purchases a house property for Rs.1,06,000 on May 15,1975. The following expenses are incurred by him for making addition/ alternation to the house property: Particulars Cost of...

36. Sales Performance. In exercise 7, the data on y = annual sales ($1000s) for new customer accounts and x = number of years of experience for a sample of 10 salespersons provided the estimated...

Supply the answers to the incorrect answers. Please write the question # and the question part (ex. 1a, 1b, 2a, 2b, etc...). 1. Given are five observations for two variables, {B and y. Use Table 2 of...

Please provide the correct answer, no explanation needed. 4. Many small restaurants in Portland, Oregon, and other cities across the United States do not take reservations. Owners say that with...

data is on spreadsheet A sales manager collected data on annual sales for new customer accounts and the number of years of experience for a sample of 10 salespersons. In the Microsoft Excel Online...

Thank You for the Help! Due to a recent change by Microsoft you will need to open the XLMiner Analysis ToolPak add-in manually from the home ribbon. Screenshot of ToolPak A sales manager collected...

00000 A sales manager collected the following data on annual sales for new customer accounts and the number of years of experience for a sample of 10 salespersons. Years of Annual Sales Salesperson...

Suppose that the charges attracting each other in the preceding problem have equal magnitude. Rearrange Coulomb's law and show that the magnitude of each charge is 2.8 10-6 C (2.8 micro coulombs).

Consider two bonds, with durations 1.5 years and 2.5 years respectively. The interest rate is 5% per annum. Explain how to construct a portfolio made of the two bonds that is immunized against...

Which of the following factoes will generally result in a ligher rnte of interest on an inveitment? a . Greater liquidity b . Iemer nek C . Shorter term d . touper lenm

The on ner of a business is considering investing $55.000 in new equipment. He estimates that the n

A handoff is a term used in wireless communications to describe the process of a cell phone moving from a coverage area of one base station to another. Each base station has multiple channels (called...

The Organizational Development Journal (Summer 2006) reported on the results of a survey of human resource officers (HROs) at major firms. The focus of the study was employee behavior, namely...

Passe-dix is a game of chance played with three fair dice. Players bet whether the sum of the faces shown on the dice will be above or below 10. During the late 16th century, the astronomer and...

A stock has a price of $35 and an annual return volatility of 48 percent. The risk-free rate is 3.03 percent. Perform calculations in Excel. a. Calculate the European call and European put option...

Give product examples for each of the four types of competition Pure competition Monopolistic competition Oligopolistic competition Pure monopoly

A stock is currently priced at 19.25 when options are about to expire. What is the net profit of a PUT option with a strike price of 22.5 for the BUYER of the option if the premium paid was 2.75 ?...