In a study of the bidding behavior when antique grandfather clocks are sold at auction, investigators analyzed the selling price (y) and the age in years of the grandfather clock (x). Summary quantities from this analysis yield: n = 32 S_xx = 23625.9 s_e = 273.03
a) Obtain a 95% confidence interval for α + β(150), the true mean selling price when the age of the grandfather clock is 150.
b) Obtain a 95% prediction interval for the price of a single grandfather clock when the age of the grandfather clock is 150.

Question

In a study of the bidding behavior when antique grandfather clocks are sold at auction, investigators analyzed the selling price (y) and the age in years of the grandfather clock (x). Summary quantities from this analysis yield: n = 32

S_xx = 23625.9

s_e = 273.03
a) Obtain a 95% confidence interval for α + β(150), the true mean selling price when the age of the grandfather clock is 150.
b) Obtain a 95% prediction interval for the price of a single grandfather clock when the age of the grandfather clock is 150.

Quizplus · Accepted Answer

The Answer of In a study of the bidding behavior when antique grandfather clocks are sold at auction, investigators analyzed the selling price (y) and the age in years of the grandfather clock (x). Summary quantities from this analysis yield: n = 32 S_xx = 23625.9 s_e = 273.03 a) Obtain a 95% confidence interval for α + β(150), the true mean selling price when the age of the grandfather clock is 150. b) Obtain a 95% prediction interval for the price of a single grandfather clock when the age of the grandfather clock is 150.

In a Study of the Bidding Behavior When Antique Grandfather