Author Question: A realtor collected the following data for a random sample of ten homes that recently sold in her ... (Read 74 times)

storky111 · **on:** Feb 14, 2020

Question 1

A company keeps extensive records on its new salespeople on the premise that sales should increase with experience. A random sample of seven new salespeople produced the data on experience and sales shown in the table.

Summary statistics yield SS_xx = 94.8571, SS_xy = 124.7571, SS_yy = 176.5171,

= 5.8571, and

Calculate a 90% confidence interval for E(y) when

Assume

and the prediction equation is

Question 2

A realtor collected the following data for a random sample of ten homes that recently sold in her area.

House	Asking Price	Days on Market
A	$114,500	29
B	$149,900	16
C	$154,700	59
D	$159,900	42
E	$160,000	72
F	$165,900	45
G	$169,700	12
H	$171,900	39
I	$175,000	81
J	$289,900	121

a.	Find a 90% confidence interval for the mean number of days on the market for all houses listed

at $150,000.

b.	Suppose a house has just been listed at $150,000. Find a 90% prediction interval for the number

of days the house will be on the market before it sells.

wshriver · **Reply #1 on:** Feb 14, 2020

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