15 - Lesson 6 Homework Solutions 8.6 Starting salaries a...

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Lesson 6 Homework Solutions 8.6 Starting salaries : a) The point estimate is the mean of the salaries of the sample of three students: $45,000. b) The interval would be: 20,200 to 69,800. It includes all salaries within one margin of error on either side of the mean. c) A point estimate alone may be highly inaccurate, especially with a small sample. An interval estimate gives us a sense of the accuracy of the point estimate. 8.7 Believe in heaven? : a) The margin of error for a 95% confidence interval would be 1.96 times the standard error of 0.01 = 0.0196 (rounds to 0.02). b) The 95% confidence interval includes all points within one margin of error of the mean. 0.86 – 0.02 = 0.84 0.86 + 0.02 = 0.88 The confidence interval goes from 0.84 to 0.88. This is the interval containing the most believable values for the parameter. 8.12 Crime victims: a) The point estimate of the proportion of the population who were victims would be 17/987 = 0.017. b) The standard error would be = - n p p ) 1 ( = 987 17) 0.017(10.0 0.00411. c) The margin of error would be (1.96)(0.00411) = 0.00806.
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