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    Statistics : Confidence Intervals

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    1. Why are confidence intervals useful?

    2. You and a colleague conducted a study on grocery totals for shoppers in the State of Michigan. Your estimated grocery totals at CI 95%: ($78, $98). In writing the report, your colleague stated: "There is a 95% chance that the true value of µ will fall between $78 and $98.
    a. Is this a true or false interpretation of the confidence interval?
    b. Give a reason for your answer.

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    Solution Preview

    1. Confidence intervals give you information( range) on the true value of the value you are interested (such as population mean and ...

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