A company has recorded data on the weekly sales for its product (y) and the unit price of the competitor's product (x). The data resulting from a random sample of 7 weeks follows. Use Excel to:
a.compute a 95% confidence interval for expected sales for all weeks when the competitor's price is .30.
b.compute a 95% prediction interval for sales for a week when the competitor's price is 30.
Definitions:
Interest Rate
The percentage at which interest is paid by borrowers for the use of money that they borrow from a lender.
Inflation Rate
The percentage increase in the general level of prices for goods and services over a certain period, reflecting the decreasing purchasing power of money.
Rational Person
An individual who systematically and logically evaluates options to make decisions that maximize their personal benefit or utility.
Present Value
The present worth of a sum of money or series of cash flows anticipated in the future, calculated using a certain rate of return.
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