Sales and Experience The General Manager of a Chain of Department Stores Believes

question 79

Essay

Sales and Experience
The general manager of a chain of department stores believes that experience is the most important factor in determining the level of success of a salesperson. To examine this belief she records last month's sales (in $1,000s) and the years of experience of 10 randomly selected salespeople. These data are listed below.

-{Sales and Experience Narrative} Which interval in the previous two questions is narrower: the confidence interval estimate of the expected value of y or the prediction interval for the same given value of x (10 years)and same confidence level? Why?

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Definitions:

Retained Earnings

The amount of net earnings left in the company after dividends are paid out to shareholders, used for investment or to pay off debt.