1Introduction to Business Statistics Lecture 10 The Concept of Confidence Interval Background: Samples are taken when it is impossible, impractical or too expensive to obtain complete data on a relevant population. The sample provides useful information about a population, but the information is imperfect. Example: Suppose you ask 100 potential customers how much they will spend on a proposed new product next year. From the 100 responses you obtain a sample average of $250. You could make the following inference:
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