In a study of the bidding behavior when antique grandfather clocks are sold at auction, investigators analyzed the selling price (y) vs. the number of bidders at the auction of the grandfather clock (x). Summary quantities from this analysis yield: n = 32 S_xx = 249.97 s_e = 367.197
a) Obtain a 95% confidence interval for α + β(10), the true mean selling price when the number of bidders is 10.
b) Obtain a 95% prediction interval for the price of a single grandfather clock when the number of bidders is 10.

Question

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

S_xx = 249.97

s_e = 367.197
a) Obtain a 95% confidence interval for α + β(10), the true mean selling price when the number of bidders is 10.
b) Obtain a 95% prediction interval for the price of a single grandfather clock when the number of bidders is 10.

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) vs. the number of bidders at the auction of the grandfather clock (x). Summary quantities from this analysis yield: n = 32 S_xx = 249.97 s_e = 367.197 a) Obtain a 95% confidence interval for α + β(10), the true mean selling price when the number of bidders is 10. b) Obtain a 95% prediction interval for the price of a single grandfather clock when the number of bidders is 10.

In a Study of the Bidding Behavior When Antique Grandfather