Th table below shows he numbers o new vehic sales n housands for Company 1 and C

Question

Th table below shows he numbers o new vehic sales n housands for Company 1 and Company 2 for 11 years. Construc and interpret a 99% prediction interval or new vehicle sales or Company 2 when he number of new vehicles sold by Company 1 2633 thousand. The equation of the reg ssion line is y = 1.216x+ 404 426 s 4068 4948 33T8 4737 3282 4650 3053 4463 2876 4046 912 2935 1668 2050 1883 2213 3979 3573 24T9 4872 4803 3813 Construct and interpret a 99% prediction interva or new vehicle sales for Company 2 when he number of new vehicles sold b Company is 2633 thousand. Select he cor ect choice below and l in the answer boxes to complete your choice Round to the nearest cent as needed.) O A We can be 99% confident that when the new vehicle sales for Company 1 s 2633 thousand, the new vehicle sales for Company 2 will be between and thousand O B There is a 99% chance hat he predicted new vehicle sales ror Company 2 s bat een and thousand. gven that the new vehic e sales for Company 1 ls 2633 thousand.

Explanation / Answer

The statistical software output for this problem is:

Simple linear regression results:
Dependent Variable: y
Independent Variable: x
y = 404.42618 + 1.2158661 x
Sample size: 11
R (correlation coefficient) = 0.95014814
R-sq = 0.90278149
Estimate of error standard deviation: 353.87568

Parameter estimates:

Analysis of variance table for regression model:

Predicted values:

Hence,

Option B; 2398.11; 4813.49

Parameter Estimate Std. Err. Alternative DF T-Stat P-value Intercept 404.42618 403.10836 0 9 1.0032691 0.3419 Slope 1.2158661 0.13299878 0 9 9.1419344 <0.0001

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