An artist charges $980 for a portrait but gives a 5% discount. Calculate the cash price of the portrait.
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Answer:
0.0623 ± ( 2.056 )( 0.0224 ) can be used to compute a 95% confidence interval for the slope of the population regression line of y on x
Step-by-step explanation:
Given the data in the question;
sample size n = 28
slope of the least squares regression line of y on x or sample estimate = 0.0623
standard error = 0.0224
95% confidence interval
level of significance ∝ = 1 - 95% = 1 - 0.95 = 0.05
degree of freedom df = n - 2 = 28 - 2 = 26
∴ the equation will be;
⇒ sample estimate ± ( t-test) ( standard error )
⇒ sample estimate ± ( ) ( standard error )
⇒ sample estimate ± ( ) ( standard error )
⇒ sample estimate ± ( ) ( standard error )
{ from t table; ( ) = 2.055529 = 2.056
so we substitute
⇒ 0.0623 ± ( 2.056 )( 0.0224 )
Therefore, 0.0623 ± ( 2.056 )( 0.0224 ) can be used to compute a 95% confidence interval for the slope of the population regression line of y on x