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) Calculate the estimated standard deviation of a + bx* for x* = 150.
b) For what value x* is the estimated standard deviation of a + bx* smallest, and why?

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) Calculate the estimated standard deviation of a + bx* for x* = 150.
b) For what value x* is the estimated standard deviation of a + bx* smallest, and why?

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) Calculate the estimated standard deviation of a + bx* for x* = 150. b) For what value x* is the estimated standard deviation of a + bx* smallest, and why?

In a Study of the Bidding Behavior When Antique Grandfather