Confidence Interval, Prediction Interval
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The Zebra Wild Game Company sells exotic game to high end restaurants throughout Asia. The sales manager wants to determine what, if any, relationship exists between the pounds/week of game sold by 24 sales persons and the advertising dollars spent (in hundreds of dollars/week).
Attached is the MegaStat regression output. The dependent variable is Sales (in pounds/week) and the independent variable is Advertising (in hundreds of dollars/week).
Use the MegaStat output to identify and interpret the confidence and prediction intervals for an advertising expenditure of two hundred dollars.
For an advertising expenditure of $200, the 95% confidence interval: [ , ]
Round your final answers to three decimal places.
Interpretation of the 95% confidence interval:
A. This says we are 95% confident that any particular sales person, with $200 in advertising expenditures, will show sales between these values.
B. This says we are 95% confident that, in the population, advertising expenditures between these values will result in an average of $200 additional sales.
C. This says we are 95% confident that across many sales persons with advertising expenditures of $200, their mean sales will be between these values.
D. This says we are 95% confident that each additional $100 in advertising expenditures will result in sales between these values.
E. This has no practical interpretation in this problem situation
Please select the correct answer: A, B, C, D, or E
For an advertising expenditure of $200, the 95% prediction interval: [ , ]
Round your final answers to three decimal places.
For 5 years of experience, the 95% prediction interval:
A. This says we are 95% confident that any particular sales person, with $200 in advertising expenditures, will show sales between these values.
B. This says we are 95% confident that, in the population, advertising expenditures between these values will result in an average of $200 additional sales.
C. This says we are 95% confident that across many sales persons with advertising expenditures of $200, their mean sales will be between these values.
D. This says we are 95% confident that each additional $100 in advertising expenditures will result in sales between these values.
E. This has no practical interpretation in this problem situation
Please select the correct answer: A, B, C, D, or E
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