An analyst at Umbrella Corporation studied the relationship between the sales (i

Question

An analyst at Umbrella Corporation studied the relationship between the sales (in millions of dollars) of a product (Y) and population (in millions of people) in the company's 50 marketing districts. After fitting the simple linear regression model Y Bo+B1(population) +E the analyst found that a 95% confidence interval for the slope, ? 1 , was [0453, 1 061 What is the "real-world" interpretation of this interval? The company can claim that 95% of sales in a marketing district with 1 million people will be between S453 000 and $1,060,000 The company can be 95% confident that the true mean sales in the marketing district are between $453,000 and $1,060,000. ? The company can be 95% confident that the mean sales for each additional 1 m llion persons in the unincrease marketing district is between $453,000 and $1,060,000. O The company can be 95% confident that ota se es for 1 million persons in the marketing district will be between $453,000 and $1,060,000 The company can be 95% confident that the rue mean sales when the population is o is between S4 53,000 and $1,060,000 Click Save and Submit to save and submit. Click Save All Answers to save all answers Save All Answers Close Window 6

Explanation / Answer

As the confidence interval of the slope is given which indicates 95% confidence of the change in mean sale per unit increase in population.

Hence 3rd Option is correct.

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