The following MINITAB output relates to a house having 2,000 square feet and a r
ID: 3054089 • Letter: T
Question
The following MINITAB output relates to a house having 2,000 square feet and a rating of 8. 95% CI 168.56, 175.99) 95% Plx (163.76,180.80) New Obs Fit SE Fit 172.2783 157 (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 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 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 3.242. (Round your answers to 2 decimal places.) % confidence interval for the mean sales is: 99% prediction interval for the actual sales is:Explanation / Answer
Answer below:
a. Point estimate in part a) refers to 95% CI = (168.56+175.99)/2 = 172.2783
95% CI is (168.56,175.99)
b. Point estimate in part b) refers to 95% PI = (163.76+180.80)/2 = 172.2783
95% PI is (163.76,180.80)
c. 99% CI for
a. mean sales: 172.28+/- (3.250/2.262)*(172.28-168.56)/2 = 169.61 to 174.95
b. actual sales: 172.28+/- (3.250/2.262)*(172.28-163.76)/2 = 166.16 to 178.40