Consider the estimated confidence interval for β2: Pr(3.21≤β2≤6.12=99%). How should this confidence interval be interpreted? a) We can be 99% confident that the true value of β2 is enclosed by the lower limit 3.21 and the upper limit 6.12. b) There is a 1% chance that the true value of β2 lies outside the given bounds. c) In repeated sampling, if many confidence intervals like the one given above are estimated, 99% of them will contain the true β2. If the above interval encloses the true β2, then the slope estimate lies between 3.21 and 6.12. d) If 100 samples are drawn and 100 estimates for β2 derived, 99 such estimates will lie in the range 3.21 to 6.12. e) There is a 99% chance that the true value of β2 lies between 3.21 and 6.12.
Consider the estimated confidence interval for β2: Pr(3.21≤β2≤6.12=99%). How should this confidence interval be interpreted?
a) We can be 99% confident that the true value of β2 is enclosed by the lower limit 3.21 and the upper limit 6.12.
b) There is a 1% chance that the true value of β2 lies outside the given bounds.
c) In repeated sampling, if many confidence intervals like the one given above are estimated, 99% of them will contain the true β2. If the above interval encloses the true β2, then the slope estimate lies between 3.21 and 6.12.
d) If 100 samples are drawn and 100 estimates for β2 derived, 99 such estimates will lie in the
e) There is a 99% chance that the true value of β2 lies between 3.21 and 6.12.
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