I Trying to Predict Weekly Sales with a Standard Error

question 65

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) (i), (ii), and (iii) are all false statements.

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