14.93 Corvette Prices. Following are the age and price data for Corvettes from Exercise 14.23.
x
| 6
| 6
| 6
| 2
| 2
| 5
| 4
| 5
| 1
| 4
|
y
| 290
| 280
| 295
| 425
| 384
| 315
| 355
| 328
| 425
| 325
|
a. Obtain a point estimate for the mean price of all 4-year-old Corvettes.
b. Determine a confidence interval for the mean price of all 4-year-old Corvettes.
c. Find the predicted price of a 4-year-old Corvette.
d. Determine a
prediction interval for the price of a 4 -year-old Corvette.
e. Draw graphs similar to those in Fig. 14.11 on page 576 , showing
f. Why is the prediction interval wider than the confidence interval?