I Trying to Predict Weekly Sales with a Standard Error

question 46

Multiple Choice

i. Trying to predict weekly sales with a standard error of estimate of $1,955, we would conclude that 68 percent of the predictions would not be off more than $1,955, 95 percent would not be off by more $3,910, and 99.7 percent would not be off by more than $5,865.
Ii) A confidence interval can be determined for the mean value of Y for a given value of X.
iii. Approximately 95% of the values lie within two standard errors of the regression line.

• A) (i), (ii) and (iii) are all correct statements
• B) (i) and (ii) are correct statements, but not (iii).
• C) (i) and (iii) are correct statements but not (ii).
• D) (ii) and (iii) are correct statements but not (i).
• E) All statements are false

---

Definitions:

Tiny Task

A very small or minor job, duty, or responsibility.

Immediate Reward

A benefit or compensation received soon after a particular action is taken, serving as immediate gratification for that action.

Procrastinated

Delayed or postponed actions or decisions, often as a result of anxiety, fear of failure, or perfectionism.

Task

A piece of work to be done or undertaken.