An agribusiness performed a regression of wheat yield (bushels per acre) using o

Question

An agribusiness performed a regression of wheat yield (bushels per acre) using observations on 30 test plots with four predictors (rainfall, fertilizer, soil acidity, hours of sun). The standard error was 1.08 bushels.

Find the approximate width of a 95% prediction interval for wheat yield. (Round your answer to 2 decimal places.)

An agribusiness performed a regression of wheat yield (bushels per acre) using observations on 30 test plots with four predictors (rainfall, fertilizer, soil acidity, hours of sun). The standard error was 1.08 bushels.

Explanation / Answer

interval = mean +- 1.96*standard error

standard error = standard deviation / sqrt N

N = 30

SD= 1.08

STANDARD ERROR = LAMBDA / SQRT N = 0.062

0.062*1.96 = 0.122

INTERVAL = MEAN (+-) 0.122

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