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Unformatted text preview: )100% of our random samples as predicted by the sampling distribution. This makes sense; we construct our intervals based on the variability in the sampling distributin. To estimate the population mean textbook costs you would draw a random sample; weve done that for you. Your personal sample, one of many, appears in the table below identified by a sample number given in the table. Sample Number X1 X2 X3 X4 X5 X6 X7 X8 X9 X10 X11 X12 X13 X14 X15 X16 i X Determine an 80% confidence interval estimate for the population mean textbook expenses. Provide the lower and upper limits: Lower Limit = Upper Limit = Interpret your confidence interval: What is your point estimate of the population mean? (How do you calculate a point estimate ?) Determine your Sampling Error....
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This note was uploaded on 12/08/2011 for the course ECON 211 taught by Professor Daniellass during the Spring '11 term at UMass (Amherst).
- Spring '11