The following MINITAB output relates to a house having 2,000 square feet and a r
ID: 3267541 • Letter: T
Question
The following MINITAB output relates to a house having 2,000 square feet and a rating of 8. (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.) (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.) (c) Find 99 percent confidence and prediction intervals for the mean and actual sales prices referred to in parts a and b.Explanation / Answer
a) point estimate =161.73
95% confidence interval =(145.94 ; 177.53)
b)
point estimate =161.73
95% confidence interval =(128.94 ; 194.52)
c) here std error for confidence interval =6.68
for 99% CI ; and n-1=7 degree of freedom ; t=3.4995
hence 99% confidence interval =138.36 ; 185.11
hence 99% prediction interval =113.21 ; 210.26