In Problem 133 on page 500, you used the summated rating of a restaurant to predict the cost of a meal. The data are stored in Restaurants. For these data, S y x = 9 .094 and h i = 0 .046319 when X = 50. a. Construct a 95% confidence interval estimate of the mean cost of a meal for restaurants that have a summated rating of 50. b. Construct a 95% prediction interval of the cost of a meal for an individual restaurant that has a summated rating of 50. c. Explain the difference in the results in (a) and (b).
In Problem 133 on page 500, you used the summated rating of a restaurant to predict the cost of a meal. The data are stored in Restaurants. For these data, S y x = 9 .094 and h i = 0 .046319 when X = 50. a. Construct a 95% confidence interval estimate of the mean cost of a meal for restaurants that have a summated rating of 50. b. Construct a 95% prediction interval of the cost of a meal for an individual restaurant that has a summated rating of 50. c. Explain the difference in the results in (a) and (b).
Solution Summary: The author explains how Minitab is used to construct the 95% confidence interval of the mean cost of a meal for the restaurants with summated rating of 50.
In Problem 133 on page 500, you used the summated rating of a restaurant to predict the cost of a meal. The data are stored in Restaurants. For these data,
S
y
x
= 9
.094 and
h
i
= 0
.046319 when
X
=
50.
a. Construct a 95% confidence interval estimate of the mean cost of a meal for restaurants that have a summated rating of 50.
b. Construct a 95% prediction interval of the cost of a meal for an individual restaurant that has a summated rating of 50.
c. Explain the difference in the results in (a) and (b).
Definition Definition Method in statistics by which an observation’s uncertainty can be quantified. The main use of interval estimating is for describing a range that is made by transforming a point estimate by determining the range of values, or interval within which the population parameter is likely to fall. This range helps in measuring its precision.
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