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"The product manager for a large retail store has recently stated that she has estimated the...

"The product manager for a large retail store has recently stated that she has estimated the average purchase per visit for the store's customers to be between $33.00 and $65.00. The point estimate for the true population mean is $33,00." True or False

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Answer #1

Answer:- False.

$ 33 is a lower bound of the confidence interval, not a point estimate.

"The product manager for a large retail store has recently stated that she has estimated the average purchase per visit for the store's customers to be between $33.00 and $65.00.

We can say that the confidence interval is ( 33 , 65)

Confidence interval ( xbar + - margin of error)

Margin of error =ME

xbar -ME = 33

xbar + ME = 65

(xbar -ME) +( xbar + ME) = 33 + 65

xbar -ME + xbar + ME = 98

2*xbar = 98

xbar = 98 / 2

xbar = 49

Answer: The Point estimate is 49.

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