The business section of the Washington Times in March of 1997 listed 21 different used computers and printers and their sale prices. Also listed was the average hover bid. Partial results from regression analysis using SAS software are shown in Figure 11.29.
Figure 11.29: SAS printout, showing partial analysis
(a) Explain the difference between the confidence interval on the mean and the prediction interval.
(b) Explain why the standard errors of prediction vary from observation to observation.
(c) Which observation has the lowest standard error of prediction? Why?
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