Define the following terms:
- Point estimate
- Confidence interval
- Confidence level
a.
To explain: The term point estimate.
Explanation of Solution
The point estimate is the statistic by which the true population parameter is estimated using the sample data. It is known that the sample mean
b.
To explain: The term confidence interval.
Explanation of Solution
Confidence intervals provides the range of values in which the true population parameter is likely to fall in.
c.
To explain: The term confidence level.
Explanation of Solution
The confidence level shows the percentage of the confidence interval that would capture the true population parameter. It must be noted that the confidence level does not represent the probability of falling the true population parameter between two values rather it shows the percentage of confidence interval that are likely to contain the population parameter if too many samples of same size from the same population are taken out.
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Chapter 8 Solutions
Elementary Statistics
- College Algebra (MindTap Course List)AlgebraISBN:9781305652231Author:R. David Gustafson, Jeff HughesPublisher:Cengage LearningGlencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw Hill