FORESTRY
AGRICULTURAL STATISTICS AND ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Construct a 98% confidence interval for the population mean,
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($187.52, $196.48)
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($185.03, $198.97)
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($188.38, $195.62)
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($186.33, $197.67)
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Explanation:
Detailed explanation-1: -If the level of confidence is 95%, this means that we are 95% confident that the interval contains the population mean, µ. The corresponding z-scores are ± 1.96. If the level of confidence is 99%, this means that we are 99% confident that the interval contains the population mean, µ.
Detailed explanation-2: -A 98% confidence interval estimate for a population mean is determined to be 75.38 to 86.52. If the confidence level is reduced to 90%, the confidence interval for the mean: Becomes narrower.
There is 1 question to complete.