I Trying to Predict Weekly Sales with a Standard Error

question 63

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. Approximately 68% of the values lie within one standard error of the regression line.
iii. For a set of observations, there is no difference in the width of a confidence interval and the width of a predictor interval.

• 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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Definitions:

Behavioral Principles

Fundamental concepts or rules that underlie patterns of behavior, often used in psychology to explain and predict human actions.

Conditioned Stimuli

In classical conditioning, a previously neutral stimulus that, after association with an unconditioned stimulus, comes to trigger a conditioned response.

Unconditioned Stimuli

A stimulus that naturally and automatically triggers a response without any prior learning.

Operant Conditioning

A method of learning that occurs through rewards and punishments for behavior, encouraging the subject to associate certain behaviors with consequences.