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Income and Education Narrative

Question 56

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Income and Education Narrative
A professor of economics wants to study the relationship between income (y in $1,000s) and education (x in years). A random sample eight individuals is taken and the results are shown below. Income and Education Narrative A professor of economics wants to study the relationship between income (y in $1,000s) and education (x in years). A random sample eight individuals is taken and the results are shown below. -Refer to Income and Education Narrative. Which interval in the previous two questions is narrower: the confidence interval estimate of the expected value of y or the prediction interval for the same given value of x (ten years) and same confidence level? Why?
-Refer to Income and Education Narrative. Which interval in the previous two questions is narrower: the confidence interval estimate of the expected value of y or the prediction interval for the same given value of x (ten years) and same confidence level? Why?

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