Question

The following MINITAB output relates to a house having 2,000 square feet and a rating of 8.

New Obs	Fit	SE Fit	95% CI	95% PIx
1	160.7361	7.71	(142.50, 178.97)	(125.20, 196.27)

(a) Report a point estimate of and a 95 percent confidence interval for the mean sales price of all houses having 2,000 square feet and a rating of 8. (Round your answers to 2 decimal places.)

Point estimate is yˆy^ =

95% confidence interval is [ , ]

(b) Report a point prediction of and a 95 percent prediction interval for the actual sales price of an individual house having 2,000 square feet and a rating of 8. (Round your answers to 2 decimal places.)

Point prediction is yˆy^ =

95% prediction interval is [ , ]

(c) Find 99 percent confidence and prediction intervals for the mean and actual sales prices referred to in parts a and b. Hint: n = 10 and s = 12.899. (Round your answers to 2 decimal places.)

99% confidence interval for the mean sales is: [ , ]

99% prediction interval for the actual sales is: [ , ]

This is all the information that is in the question. I just need the answers to part c, I have A and B.

Answer 1

(c) Formula for finding Confidence Interval is

Crtical t value using excel function ''=TINV(0.01,9)'' is 3.25

160.7361 (3.250) * (12.899) /

160.7361 13.256

( 147.48 , 173.99 )

Formula for finding Prediction Interval at 99% is

160.7361 (2.58)*(12.899.)

160.7361 33.2794

( 127.46 , 194.01 )

Hope this will be helpful. Thanks and God Bless You :)