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In a well written and thoughtful paragraph, explain in general the purpose and meaning of a...

In a well written and thoughtful paragraph, explain in general the purpose and meaning of a confidence interval..

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Answer #1

Meaning:

Confidence interval is a range of values, that may contain true value of population statistic.

Purpose:

Market research is about reducing risk. ...Confidence intervals are about risk. They consider the sample size and the potential variation in the population and give us an estimate of the range in which the real answer lies.

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