Description of Confidence Intervals
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Consider the given set of average annual household income levels of citizens of selected U.S. metropolitan areas in the attached file.
a. Use Excel to obtain a simple sample of size 15 from this frame.
b. Using the sample generated in part a, construct a 99% confidence interval for the mean average annual household income level of citizens in the selected U.S. metropolitan areas. Assume that the population consists of all average annual household income levels in the given frame.
c. Interpret the 99% confidence interval constructed in part b.
d. Does the 99% confidence interval contain the actual population mean? If not, explain why not? What proportion of many similarly constructed confidence intervals should include the true population mean value?
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Solution Summary
This tutorial provides guidelines for interpreting a confidence level for the mean average annual household income level of citizens in U.S. metropolitan areas.
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