A marketing research company is estimating the average total compensation of CEOs in the service industry....
A marketing research company is estimating the average total compensation of CEOs in the service industry. Data were randomly collected from 18 CEOs and the 90% confidence interval for the mean was calculated to be ( 2181260, 5836180). Explain what the phrase "90% confident" means.
A. 90% of the similarly constructed intervals would contain the value of the sample mean.
B. 90% of the sample means from similar samples fall within the interval.
C. 90% of the population values will fall within the interval.
D. In repeated sampling, 90% of the intervals constructed would contain mu.
Homework Answers
The 90% confident phrase means:
In repeated sampling, 90% of the intervals constructed would contain mu.
Option D is correct.
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A marketing research company is estimating the average total
compensation of CEOs in the service industry....
A marketing research company is estimating the average total compensation of CEOs in the service industry....
A marketing research company is estimating the average total compensation of CEOs in the service industry. Data were randomly collected from 18 CEOs and the 97% confidence interval for the mean was calculated to be What additional assumption is necessary for this confidence interval to be valid? The distribution of the sample means is approximately normal. None. The Central Limit Theorem applies. The sample standard deviation is less than the degrees of freedom. The population of total compensations of CEOs...
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