Suppose that Susie is an analyst for the bicycling industry and wants to estimate the asking price of used entry-level road bikes advertised online in her local area. He obtains a random sample of n=14n=14 online advertisements of entry-level road bikes. He determines that the mean price for these 14 bikes is x¯=$694x¯=$694  and that the sample standard deviation is $120$120 . He uses this information to construct a 90% confidence interval for μμ, the mean price of a used road bike.   What is the tt-critical value for the 90% confidence interval? Ans:  t∗=t∗=   What is the standard error? Ans:  SE=   What is the lower limit of this confidence interval? Ans:  L=L= $  What is the upper limit of this confidence interval?  Ans:  U=U= $

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.