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Question
A company has recorded data on the weekly sales for its product (y) and the unit price of the competitor's product (x). The data resulting from a random sample of 7 weeks follows. Use Excel to:a.compute a 95% confidence interval for expected sales for all weeks when the competitor's price is .30.
b.compute a 95% prediction interval for sales for a week when the competitor's price is .30.
| Week | Price | Sales |
| 1 | .33 | 20 |
| 2 | .25 | 14 |
| 3 | .44 | 22 |
| 4 | .40 | 21 |
| 5 | .35 | 16 |
| 6 | .39 | 19 |
| 7 | .29 | 15 |
Answer
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