The starting salaries of a random sample of three students who graduated from North Carolina State University last year with majors in the mathematics sciences are $45,000, $35,000, and $55,000.
a. Find a point estimate of the population mean of the starting salaries of all math science graduates at that university last year.
b. There is a margin of error of $24,800 for a 95% confidence interval for the population mean starting income. Construct that interval.
c. Use this example to explain why a point estimate alone is usually insufficient for a statistical inference.
*Notes:
A point estimate is a single number that is our "best guess" for the parameter.
An interval estimate is an interval of numbers within which the parameter value is believed to fall.
A confidence interval is an interval containing the most believable values for a parameter. This is a number chosen to be close to 1, most commonly 0.95.
2007-11-15 10:56:32 · 2 answers · asked by goodguy083 1 in Science & Mathematics ➔ Mathematics
The point estimate is the average or 45K
The 95% CI would range from 45K -12.4 K to
45K+12.4K
A point estimate does not indicate variance (the more formal term for "interval estimate")
2007-11-15 11:02:13 · answer #1 · answered by cattbarf 7 · 0⤊ 0⤋
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2007-11-15 11:02:48 · answer #2 · answered by chanel_SPARK 2 · 0⤊ 1⤋