4 statistics questions (DETAILED RESPONSES)

1.•What is a point estimate?

      •What is a confidence interval?

2.  

•How do you interpret a confidence interval?

•Give an example in business where this might be helpful?

3.•Carefully define the following terms: Null hypothesis, alternative hypothesis, Type I error, Type II error, one-tailed test, two-tailed test 

4.•Set up and design a scenario in which a hypothesis test is warranted. Identify all main terms above in this context.