Homework Help is Here – Start Your Trial Now!
Math
Statistics
A sales manager collected the following data on annual sales for new customer accounts and the number of years of experience for a sample of 10 salespersons. Years of Annual Salesperson Experience Sales ($1000s) 80 81 82 101 107 102 7 103 8 109 9 104 10 119 The data on y = annual sales ($1000s) for new customer accounts and = number of years of experience for a sample of 10 salespersons provided the estimated regression equation ŷ = 78.07 +2.92x. For these data = 7.1, (₁-7)² = 154.90, and s=5.8255. a. Develop the 90% confidence interval for the mean annual sales ($1000s) for all salespersons with thirteen years of experience. ($ ) (to 2 decimals) b. The company is considering hiring Tom Smart, a salesperson with thirteen years of experience. Develop a 90% prediction interval of annual sales ($1000s) for Tom Smart. ($ 3) (to 2 decimals) 1 2 3 4 5 6 1 2 4 6 7 7 8 10 12 14

A sales manager collected the following data on annual sales for new customer accounts and the number of years of experience for a sample of 10 salespersons. Years of Annual Salesperson Experience Sales ($1000s) 80 81 82 101 107 102 7 103 8 109 9 104 10 119 The data on y = annual sales ($1000s) for new customer accounts and = number of years of experience for a sample of 10 salespersons provided the estimated regression equation ŷ = 78.07 +2.92x. For these data = 7.1, (₁-7)² = 154.90, and s=5.8255. a. Develop the 90% confidence interval for the mean annual sales ($1000s) for all salespersons with thirteen years of experience. ($ ) (to 2 decimals) b. The company is considering hiring Tom Smart, a salesperson with thirteen years of experience. Develop a 90% prediction interval of annual sales ($1000s) for Tom Smart. ($ 3) (to 2 decimals) 1 2 3 4 5 6 1 2 4 6 7 7 8 10 12 14

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.3: Measures Of Spread
Problem 1GP
See similar textbooks
icon
Related questions
Question
A sales manager collected the following data on annual sales for new customer accounts and the number of years of experience for a sample of 10 salespersons. Years of Annual Salesperson Experience Sales ($1000s) 80 81 82 1 2 3 4 5 6 7 8 9 1 2 4 6 7 7 8 10 12 14 101 107 102 103 109 104 10 119 The data on y = annual sales ($1000s) for new customer accounts and = number of years of experience for a sample of 10 salespersons provided the estimated regression equation ŷ = 78.07 +2.92€. For these data = 7.1, Σ(x₁ - x)² = 154.90, and = 5.8255. a. Develop the 90% confidence interval for the mean annual sales ($1000s) for all salespersons with thirteen years of experience. ($ X) (to 2 decimals) b. The company is considering hiring Tom Smart, a salesperson with thirteen years of experience. Develop a 90% prediction interval of annual sales ($1000s) for Tom Smart. ) (to 2 decimals) ($ c. Discuss the differences in your answers to parts (a) and (b). As expected, the prediction interval is much wider than the confidence interval. This is due to the fact that it is more difficult sales for one new salesperson with 13 years of experience than it is to estimate the mean annual sales for all salespersons with 13 years of experience. to predict annual
Transcribed Image Text:A sales manager collected the following data on annual sales for new customer accounts and the number of years of experience for a sample of 10 salespersons. Years of Annual Salesperson Experience Sales ($1000s) 80 81 82 1 2 3 4 5 6 7 8 9 1 2 4 6 7 7 8 10 12 14 101 107 102 103 109 104 10 119 The data on y = annual sales ($1000s) for new customer accounts and = number of years of experience for a sample of 10 salespersons provided the estimated regression equation ŷ = 78.07 +2.92€. For these data = 7.1, Σ(x₁ - x)² = 154.90, and = 5.8255. a. Develop the 90% confidence interval for the mean annual sales ($1000s) for all salespersons with thirteen years of experience. ($ X) (to 2 decimals) b. The company is considering hiring Tom Smart, a salesperson with thirteen years of experience. Develop a 90% prediction interval of annual sales ($1000s) for Tom Smart. ) (to 2 decimals) ($ c. Discuss the differences in your answers to parts (a) and (b). As expected, the prediction interval is much wider than the confidence interval. This is due to the fact that it is more difficult sales for one new salesperson with 13 years of experience than it is to estimate the mean annual sales for all salespersons with 13 years of experience. to predict annual
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Algebra
ISBN:
9781680331141
Author:
HOUGHTON MIFFLIN HARCOURT
Publisher:
Houghton Mifflin Harcourt
SEE MORE TEXTBOOKS