Question: In Problem 12.8 on page 424, you predicted the value of a baseball franchise, based on current revenue. The data are stored in BBValues. a.

In Problem 12.8 on page 424, you predicted the value of a baseball franchise, based on current revenue. The data are stored in BBValues.
a. Construct a 95% confidence interval estimate of the mean value of all baseball franchises that generate $ 250 million of annual revenue.
b. Construct a 95% prediction interval of the value of an individual baseball franchise that generates $ 250 million of annual revenue.
c. Explain the difference in the results in (a) and (b).

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a 8221742 Y X 250 9808727 b 4703155 Y X 250 13327314 c Part b provides an interval prediction for ... View full answer

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