You predicted the value of a baseball franchise, based on current revenue. The data are stored in BBRevenue2012.
a. Construct a 95% confidence interval estimate of the mean value of all baseball franchises that generate $150 million of annual revenue.
b. Construct a 95% prediction interval of the value of an individual baseball franchise that generates $150 million of annual revenue.
c. Explain the difference in the results in (a) and (b).
For Information: Problem 13.8