Discuss the below:
Estimated Regression Equation for Estimation and Prediction
Data on x = temperature rating (F°) and y = price ($) for 11 sleeping bags manufactured by Bergans of Norway provided the estimated regression equation ÿ = 359.2668 - 5.2772x. For these data s = 37.9372.
Model Rating Price
Ranger 3-Seasons 12 319
Ranger Spring 24 289
Ranger Winter 3 389
Rondane 3-Seasons 13 239
Rondane Summer 38 149
Rondane Winter 4 289
Senja Ice 5 359
Senja Snow 15 259
Senja Zero 25 229
Super Light 45 129
Tight and Light 25 199
Round your answers to 2 decimal places.
a. Develop a point estimate of the price for a sleeping bag with a temperature rating of 30.
b. Develop a 95% confidence interval for the mean overall temperature rating for all sleeping bags with a temperature rating of 30.
c. Suppose that Bergans developed a new model with a temperature rating of 30. Develop a 95% prediction interval for the price of this new model.