There\'s more than one answer to check in the box You find that the average inco

Question

There's more than one answer to check in the box You find that the average income for college students is $20,000 +/- $200 (with a confidence level of 95%). Indicate the CORRECT interpretation(s) of this finding below (you may select more than one). I am 95% certain that the average income for college students is $20,000. If the same sampling and statistical procedures are conducted 100 times the true population mean will be encompassed between $19,800 and $20,200 (and 5 times it will not). 5% of college students make less than $19,800. 95% of college students make more than $20,200. I am 95% sure that the average income of college students is between $19,800 and $20,200.

Explanation / Answer

The correct options are:

(b) and (e) because both of them mean the same thinglie.

(a) is incorrect because it isnt point but interval estimation

(c) is incorrect because 2.5% lie below that value

(d) is incorrect because 97.5% lie below that value

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