The U.S. Census Bureau reports that the estimated mean U.S. married-couple family income is $90,835 + - $101 The Bureau describes the margin of error as providing a 90% probability that the interval defined by the estimate minus the margin of error and the estimate plus the margin of error (the lower and upper confidence bounds) contains the true value.
a. What is the population and variable of interest?
b. What parameter is being estimated? What is its estimated value?
c. How is the margin of error related to the maximum error of estimate?
d. What value is being reported as the margin of error?
e. What level of confidence is being reported?
f. Find the confidence interval and state exactly what it represents.