Asked by ARIELA FERMIN GARCIA on Jul 06, 2024
Verified
In order to estimate the average electric usage per month, a sample of 256 houses was selected and their electric usage was determined.Assume a population standard deviation of 500 kilowatt-hours.
a.
Determine the standard error of the mean.
b.
With a .95 probability, determine the margin of error.
c.
If the sample mean is 2500 kWh, what is the 95% confidence interval estimate of the population mean?
Standard Error
A measure of the variability or dispersion of a sample statistic from the population parameter.
Confidence Interval
A set of values, obtained from sample data, that probably includes the value of an unspecified population parameter, given a certain confidence level.
- Acquire knowledge on formulating a confidence interval for a population mean.
- Comprehend the principles behind standard error and margin of error.
- Acquire knowledge on the application of confidence intervals in practical situations.
Verified Answer
AS
Learning Objectives
- Acquire knowledge on formulating a confidence interval for a population mean.
- Comprehend the principles behind standard error and margin of error.
- Acquire knowledge on the application of confidence intervals in practical situations.
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