Question

For a random sample of children from a school district in South​ Carolina, a regression analysis is conducted of yequalsamount spent on clothes in the past year​ (dollars) and xequalsyear in school. MINITAB reports the tabulated results for observations at xequals12. Predicted Values for New Observations NewObs Fit SEFit ​95% CI ​95% PI 1 448.0 10.6 ​(427,469) ​(101,795) a. Interpret the value listed under​ "Fit". Choose the correct answer below. A. Range of plausible values for the population mean. B. Standard error of predicted amount. C. Predicted amount. D. Range of plausible values for the individual observations.

Answer 1

Option B. Standard error of predicted amount.

Explanation:

A standard error predicted amount will work best in this scenario. The data, when extracted from the standard mean, provides the most accurate presentation of the statistical data on question. By using the standard error, the variation from the central point can be determined.