Concept explainers
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 regression equation ŷ = 80 + 4x. For these data
- 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).
Want to see the full answer?
Check out a sample textbook solutionChapter 14 Solutions
Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)
- Find the equation of the regression line for the following data set. x 1 2 3 y 0 3 4arrow_forwardRespiratory Rate Researchers have found that the 95 th percentile the value at which 95% of the data are at or below for respiratory rates in breath per minute during the first 3 years of infancy are given by y=101.82411-0.0125995x+0.00013401x2 for awake infants and y=101.72858-0.0139928x+0.00017646x2 for sleeping infants, where x is the age in months. Source: Pediatrics. a. What is the domain for each function? b. For each respiratory rate, is the rate decreasing or increasing over the first 3 years of life? Hint: Is the graph of the quadratic in the exponent opening upward or downward? Where is the vertex? c. Verify your answer to part b using a graphing calculator. d. For a 1- year-old infant in the 95 th percentile, how much higher is the walking respiratory rate then the sleeping respiratory rate? e. f.arrow_forwardFor the following exercises, use Table 4 which shows the percent of unemployed persons 25 years or older who are college graduates in a particular city, by year. Based on the set of data given in Table 5, calculate the regression line using a calculator or other technology tool, and determine the correlation coefficient. Round to three decimal places of accuracyarrow_forward
- If your graphing calculator is capable of computing a least-squares sinusoidal regression model, use it to find a second model for the data. Graph this new equation along with your first model. How do they compare?arrow_forwardDoes Table 1 represent a linear function? If so, finda linear equation that models the data.arrow_forward
- Calculus For The Life SciencesCalculusISBN:9780321964038Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.Publisher:Pearson Addison Wesley,Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw Hill
- Trigonometry (MindTap Course List)TrigonometryISBN:9781305652224Author:Charles P. McKeague, Mark D. TurnerPublisher:Cengage LearningAlgebra and Trigonometry (MindTap Course List)AlgebraISBN:9781305071742Author:James Stewart, Lothar Redlin, Saleem WatsonPublisher:Cengage LearningFunctions and Change: A Modeling Approach to Coll...AlgebraISBN:9781337111348Author:Bruce Crauder, Benny Evans, Alan NoellPublisher:Cengage Learning