A corporation owns several companies. The strategic planner for the corporation

Question

A corporation owns several companies. The strategic planner for the corporation believes dollars spent on advertising can to some extent be a predictor of total sales dollars. As an aid in long-term planning, she gathers the following sales and advertising information from several of the companies for 2009 ($ millions). Construct a 98% confidence interval for the average value of y for the given data; use x = 20, s_e = 110.4, and the equation of the regression line, y = -46.03 + 15.29 x. Do not round the intermediate values. Round your answers to 2 decimal places. By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor.

Explanation / Answer

alpha = 0.02   alpha / 2 = 0.01

df =8-2 = 6

t = 3.143

I: -46.03+15.29*20 +/- 3.143 * 110.4 / srqt (8)

259.77 +/- 122.68

137.09 < E(Y) < 382.45

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