In each case, state whether the interpretation of a confidence interval is correct or incorrect. If incorrect,
Question:
In each case, state whether the interpretation of a confidence interval is correct or incorrect. If incorrect, explain why.
a) There is a 99% probability that the true mean repair cost for a machine is between ($15 232.11, $17 667.89).
b) We are 99% confident that the true mean repair cost for a machine is between ($15 232.11, $17 667.89).
c) The sample mean repair cost is inside of the 99% confidence interval and thus the range is correct.
d) There is a 99% probability that the interval ($15 232.11, $17 667.89) includes the true mean repair cost.
e) We are 99% sure that the true mean repair cost for a machine is between ($15 232.11, $17 667.89).
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Principles Of Managerial Statistics And Data Science
ISBN: 9781119486411
1st Edition
Authors: Roberto Rivera
Question Posted: