The following MINITAB output relates to a house having 2,000 square feet and a r
ID: 3293465 • 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. Hint: n = 10 and s = 16.762. (Round your answers to 2 decimal places.)
New Obs Fit SE Fit 95% CI 95% PIx 1 162.7154 8.78 (141.95, 183.48) (117.97, 207.46)
Explanation / Answer
a) point estimate Yhat =(183.48+141.95)/2 =162.72
95% CI =141.95 ,183.48
b)
point prediction Yhat =162.72
95% PI =117.97 ; 207.46
c) here degree of freedom =n-3=7
for 99% interval ; t=3.4995
therefore 99% confidence interval =131.98 ; 193.45
99% prediction interval =96.50 ; 228.94