Confidence Intervals Correct

1. <b> Discuss the importance of constructing confidence intervals for the population mean by answering these questions.

· What are confidence intervals?

· What is a point estimate?

· What is the best point estimate for the population mean? Explain.

· Why do we need confidence intervals?

Answer and Explanation:

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2. <b> Evaluate the following:

· Find the best point estimate of the population mean.

· Construct a  95%  confidence interval for the population mean. Assume that your data is normally distributed and σ is unknown. Include a statement that correctly interprets the confidence interval in context of the scenario.

Answer and Explanation:

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3. <b> We want to estimate the mean salary in Minnesota. Is the sample size of the data set, 364, sufficiently large? Explain. Assume that we want 95% confidence that the sample mean is within $1150 of the population mean and σ = $126.

Answer and Explanation:

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