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Differentiate confidence interval and prediction interval

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Reference no: EM131655428

Question: A regional retailer would like to determine if the variation in average monthly store sales can, in part, be explained by the size of the store measured in square feet. A random sample of 21 stores was selected and the store size and average monthly sales were computed. The following results are shown

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a. Develop a simple linear regression model to explain the variation in average monthly sales based on the size of the store.

b. Construct and interpret a 95% confidence interval estimate for the regression slope coefficient.

c. Provide a 90% confidence interval for the average value of monthly sales when xp = 15,000.

d. Provide a 90% prediction interval for a particular month's average sales when the store size is 15,000 square feet.

Reference no: EM131655428

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