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Interval Estimates vs. Point Estimates & Practical Population Mean Data

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Question 1:

Why is an interval estimate for the population preferred to a point estimate?

Question 2:

In real business practices, is information about the population mean available? Discuss

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Solution Preview

Question 1:
Why is an interval estimate for the population preferred to a point estimate?

A point estimate gives us a point, while an interval has an large multitude of values.
The point estimate is our ...

Solution Summary

Solution explains the benefits of interval estimates and how population means are found in real-world situations in 137 words.

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