Question
1. What is a confidence-interval estimate of a parameter? Why is such an estimate superior to a point estimate? (3 marks) 2. Explain the similarities
1.What is a confidence-interval estimate of a parameter? Why is such an estimate superior to a point estimate? (3 marks)
2.Explain the similarities and differences between a standard normal distribution and the Student's t distribution. (3 marks)
3.Must the variable under consideration be normally distributed for you to use the z-interval procedure or t-interval procedure? Explain your answer. (2 marks)
4.If you obtained one thousand 95% confidence intervals for a population mean, roughly how many of the intervals would actually contain m? (1 mark)
5.The following table gives the age (in years) of 36 randomly selected U.S. millionaires. The sample mean 58.53 years. Assume that the standard deviation of the ages of all U.S. millionaires is 13.0 years.
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