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For Exercises 7–9, do the following, for the indicated data:

  1. Find the point estimate of y, for the given x.
  2. Calculate and interpret a 95% confidence interval for the mean value of y for the given x.
  3. Compute and interpret a 95% prediction interval for a randomly chosen value of y for the given x.

Question 13.151

7. Data in Exercise 1, for 10 years of education

13.99.7

(a) 20.92 thousand dollars (b) (14.28, 27.56). We are 95% confident that the mean annual salary for people with 10 years of education lies between 14.28 thousand dollars and 27.56 thousand dollars. (c) (6.55, 35.29). We are 95% confident that the annual salary for a randomly selected person with 10 years of education lies between 6.55 thousand dollars and 35.29 thousand dollars.

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