The general manager of a chain of furniture stores believes that experience is the most important factor in determining the level of success of a salesperson. To examine this belief she records last month's sales (in $1,000s) and the years of experience of 10 randomly selected salespeople. These data are listed below. Predict with 95% confidence the monthly sales of a salesperson with 10 years of experience.
CI = ______________ Enter (n1, n2) in thousands
Estimate with 95% confidence the average monthly sales of all salespersons with 10 years of experience.
CI = ______________ Enter (n1, n2) in thousands
Which interval in the previous two questions is narrower: the confidence interval estimate of the expected value of y or the prediction interval for the same given value of x (10 years) and same confidence level?
______________
Why?
________________________________________________________

Question

The general manager of a chain of furniture stores believes that experience is the most important factor in determining the level of success of a salesperson. To examine this belief she records last month's sales (in $1,000s) and the years of experience of 10 randomly selected salespeople. These data are listed below.  Predict with 95% confidence the monthly sales of a salesperson with 10 years of experience.
CI = ______________ Enter (n1, n2) in thousands
Estimate with 95% confidence the average monthly sales of all salespersons with 10 years of experience.
CI = ______________ Enter (n1, n2) in thousands
Which interval in the previous two questions is narrower: the confidence interval estimate of the expected value of y or the prediction interval for the same given value of x (10 years) and same confidence level?
______________
Why?
________________________________________________________

Quizplus · Accepted Answer

The Answer of The general manager of a chain of furniture stores believes that experience is the most important factor in determining the level of success of a salesperson. To examine this belief she records last month's sales (in $1,000s) and the years of experience of 10 randomly selected salespeople. These data are listed below.  Predict with 95% confidence the monthly sales of a salesperson with 10 years of experience.
CI = ______________ Enter (n1, n2) in thousands
Estimate with 95% confidence the average monthly sales of all salespersons with 10 years of experience.
CI = ______________ Enter (n1, n2) in thousands
Which interval in the previous two questions is narrower: the confidence interval estimate of the expected value of y or the prediction interval for the same given value of x (10 years) and same confidence level?
______________
Why?
________________________________________________________

The General Manager of a Chain of Furniture Stores Believes