Question

What is a confidence interval? In general, how are they constructed? Be sure to mention point estimates and margins of error.

Answer 1

confidence interval is range of values in which unknown parameter of population lies.

confidence interval can be constructed by using following formula

confidence interval= point estimate of population parametermargin of error

here point estimate of population parameter is estimated through sample taken from population. and margin of error depends on confidence level desired.

for example confidence interval for population mean can be determined by

here x bar is obtained from samples,it is sample mean or estimate of population mean.

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