Extending the Concepts and Skills Margin of Error in Regression. In Exercises and, you will examine the magnitude of the margin of error of confidence intervals and prediction intervals in regression...

Extending the Concepts and Skills
Margin of Error in Regression. In Exercises and, you will examine the magnitude of the margin of error of confidence intervals and prediction intervals in regression as a function of how far the specified value of the predictor variable is from the mean of the observed values of the predictor variable.
Age and Price of Orions. Refer to the data on age and price of a sample of 11 Orions given in Table on page 679.
a. For each age between 2 and 7 years, obtain a 95% confidence interval for the mean price of all Orions of that age. Plot the confidence intervals against age and discuss your results.
b. Determine the margin of error for each confidence interval that you obtained in part (a). Plot the margins of error against age and discuss your results.
c. Repeat parts (a) and (b) for prediction intervals.
TABLE Age and price data for a sample of 11 Orions