Which of the following are correctly worded statements about the variable River_

Question

Which of the following are correctly worded statements about the variable River_List Price given the sample we have? Check all that apply. There may be more than one answer.

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We are 90% confident that the interval (402.754,531.515) covers the population mean list price of condos with a view.

There is a 95% chance that the population mean falls within $77,442 of $467,134.

There is a 90% chance that the population proportion is a value between $402,754 and $531,515.

We are 99% confident that the interval (389.692,544.576) covers the population proportion of condos with a view.

All of the above.

None of the above.

Explanation / Answer

We are 90% confident that the interval (402.754,531.515) covers the population mean list price of condos with a view.

We are 99% confident that the interval (389.692,544.576) covers the population proportion of condos with a view.

we are 95% confident that an interval estimate contains the point estimate means that if many samples are collected and the confidence interval computed for each, in the long run about 95% of these intervals will contain the true population parameter. About 5% of these intervals will miss the population parameter, but, of course, we don’t know which ones will miss it, and which ones will capture the unknown parameter.

Chance or probability is a wrong interpretation or wording.

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