Part 1 Part 2 Part 3 Part 4 Part 5 When estimating a population mean, are you mo

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Part 1

Part 2

Part 3

Part 4

Part 5

When estimating a population mean, are you more likely to be correct when you use a point estimate or an interval estimate? Explain your reasoning Choose the correct answer below. O A. If n s 30 an interval estimate is more accurate. If n 30 a point estimate is more accurate OB. You are more likely to be correct using a point estimate because an interval estimate is too broad and contains many possible values O C. You are more likely to be correct using an interval estimate because it is unlikely that a point estimate will exactly equal the population mean O D. There is no difference between an interval estimate and a point estimate in terms of accuracy

Explanation / Answer

PART B.

Confidence Interval
CI = x ± t a/2 * (sd/ Sqrt(n))
Where,
x = Mean
sd = Standard Deviation
a = 1 - (Confidence Level/100)
ta/2 = t-table value
CI = Confidence Interval
Mean(x)=34.6
Standard deviation( sd )=7.1
Sample Size(n)=20
Confidence Interval = [ 34.6 ± t a/2 ( 7.1/ Sqrt ( 20) ) ]
= [ 34.6 - 2.539 * (1.588) , 34.6 + 2.539 * (1.588) ]
= [ 30.569,38.631 ]
Margin of Error = t a/2 * (sd/ Sqrt(n))
Where,
x = Mean
sd = Standard Deviation
a = 1 - (Confidence Level/100)
ta/2 = t-table value
Mean(x)=34.6
Standard deviation( sd )=7.1
Sample Size(n)=20
Margin of Error = t a/2 * 7.1/ Sqrt ( 20)
= 2.539 * (1.588)
= 4.031
Interpretations:
1) We are 98% sure that the interval [30.569 , 38.631 ] contains the true population mean
2) If a large number of samples are collected, and a confidence interval is created
for each sample, 98% of these intervals will contains the true population mean  
Option C.

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