A Survey of 25 Grocery Stores Revealed That the Average

question 83

Multiple Choice

A survey of 25 grocery stores revealed that the average price of a 4-litre bag of milk was $2.98 with a standard error of $0.10. If 90% and 95% confidence intervals were developed to estimate the true cost of a 4-litre bag of milk, what similarities would they have?

• A) Point estimates
• B) t-statistics
• C) Standard errors
• D) Both the same point estimate and the same standard error
• E) Both the same t-statistic and point estimate

---

Definitions:

Time Series Forecasting Methods

Statistical techniques used to analyze time-ordered data points in order to predict future values based on past trends and patterns.

Qualitative Forecasting Methods

Forecasting techniques based on judgment and opinion, rather than mathematical models, often used when precise data is unavailable.

Causal Forecasting Methods

Techniques that predict future events based on identified relationships between dependent and independent variables, taking into account factors that cause variations in data.

Simulation Forecasting Methods

Techniques that use models to predict future outcomes based on varying inputs and scenarios, helping in decision-making processes.