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TABLE 8-6
A sample of salary offers (in thousands of dollars) given to management majors is: 28, 31, 26, 32, 27, 28, 27, 30, 31, and 29. Using this data to obtain a 95% confidence interval resulted in an interval from 27.5 to 30.3.
-Referring to Table 8-6, it is possible that the mean of the population is not between 27.5 and 30.3.
Confidence Intervals
A range of values, derived from sample data, that is likely to contain the value of an unknown population parameter, with a certain degree of confidence.
Point Estimates
Statistical measures that provide the best single estimation of an unknown population parameter.
Unbiased Estimator
A statistic used to estimate a parameter that is expected to equal the true parameter of the population.
Confidence Interval
A range of values, derived from sample statistics, that is likely to contain the value of an unknown population parameter with a certain level of confidence.
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