The following data are the monthly salaries y and the grade point averages x for

Question

The following data are the monthly salaries y and the grade point averages x for students who obtained a bachelor's degree in business administration GPA 2.6 3.5 3.7 3.2 3.5 2.7 Monthly Salary () 3,500 3,900 4,200 3,800 4,200 2,300 The estimated regression equation for these data is y--288.5+1,230.8x and MSE -239,904 a. Develop a point estimate of the starting salary for a student with a GPA of 3.0 (to 1 decimal) b. Develop a 95% confidence interval for the mean starting salary for all students with a 3.0 GPA (to 2 decimals). C. Develop a 95% prediction interval for Ryan Dailey, a student with a GPA of 3.0 (to 2 decimals).

Explanation / Answer

The statistical software output for this problem is:

Predicted values:

Hence,

a) Point estimate = $3403.8

b) 95% confidence interval:

$ (2787.93, 4019.76)

c) 95% prediction interval:

$ (1910.97, 4896.72)

X value Pred. Y s.e.(Pred. y) 95% C.I. for mean 95% P.I. for new 3 3403.8462 221.83563 (2787.9317, 4019.7606) (1910.9682, 4896.7241)

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