8.5 A market researcher selects a simple random sample of customers from a population of 2 million customers. After analyzing the sample, she states that she has 95% confidence that the mean annual income of the 2 million customers is between $70,000 and $85,000. Explain the meaning of this statement. 8.6 Suppose that you are going to collect a set of data, either from an entire population or from a random sample taken from that population. a. Which statistical measure would you compute first: the mean or the standard deviation? Explain. b. What does your answer to (a) tell you about the “practicality” of using the confidence interval estimate formula given in Equation (8.1)?
Solution ID:10137864 | Question answered on 16-Oct-2016
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