Use the data in Table 11 6 on page 707 Assume that we wish to fit a simple linear regression model for predicting logarithm of 1980 price from logarithm of 1970 price a Find the posterior distribution of the slope parameter 1 b Find the posterior probability that 1 2 c Find a 95 percent prediction interval for the 1980 price of a species that cost 21 4 in 1970

Question: Use the data in Table 11.6 on page 707. Assume that we wish to fit a simple linear regression model for predicting logarithm of 1980

Use the data in Table 11.6 on page 707. Assume that we wish to fit a simple linear regression model for predicting logarithm of 1980 price from logarithm of 1970 price.
a. Find the posterior of the slope parameter β1.
b. Find the posterior probability that β1 ≤ 2.
c. Find a 95 percent prediction interval for the 1980 price of a species that cost 21.4 in 1970.

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