Question

I. If the 95% confidence interval for the average purchase of customers at a department store is $50 to $110, then $100 is a plausible value for the population mean at this level of confidence.

Answer 1

Answer:

A 95% confidence interval is a range of values that you can be 95% certain contains the true mean of the population. ... With large samples, you know that mean with much more precision than you do with a small sample, so the confidence interval is quite narrow when computed from a large sample.