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a. What is the predicted number of hats for next month? What is the predicted number of hats for long-run average? b. Find 95% prediction interval for the forecast of next month? c. Find 95% confidence interval for the forecast of long-run average/mean?

a. What is the predicted number of hats for next month? What is the predicted number of hats for long-run average? b. Find 95% prediction interval for the forecast of next month? c. Find 95% confidence interval for the forecast of long-run average/mean?

College Algebra
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter1: Equations And Graphs
Section: Chapter Questions
Problem 10T: Olympic Pole Vault The graph in Figure 7 indicates that in recent years the winning Olympic men’s...
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4) In a retail store, the relationship between the number of sunny days in a month and the number of hats sold investigated with a regression using data for 300 months. The following information summarizes the regression results: bo= 117.4, b1= -14.39, sbo= 0.18, Sby= 0.18, n = 300, = 4.3, SST = 17045, and SSE = 12053. The store owner wants to forecast the hat sales for next month if there will be 6 sunny days, as well as expected number of hats for the long run average of 6 sunny days in a month. a. What is the predicted number of hats for next month? What is the predicted number of hats for long-run average? b. Find 95% prediction interval for the forecast of next month? C. Find 95% confidence interval for the forecast of long-run average/mean?
Transcribed Image Text:4) In a retail store, the relationship between the number of sunny days in a month and the number of hats sold investigated with a regression using data for 300 months. The following information summarizes the regression results: bo= 117.4, b1= -14.39, sbo= 0.18, Sby= 0.18, n = 300, = 4.3, SST = 17045, and SSE = 12053. The store owner wants to forecast the hat sales for next month if there will be 6 sunny days, as well as expected number of hats for the long run average of 6 sunny days in a month. a. What is the predicted number of hats for next month? What is the predicted number of hats for long-run average? b. Find 95% prediction interval for the forecast of next month? C. Find 95% confidence interval for the forecast of long-run average/mean?
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