Concept explainers
To identify the correct statement regarding 96% confidence interval for the proportion of the labor force that is unemployed in a certain city is (0.07, 0.10) :
Answer to Problem 18PT3
(d) The true rate of unemployment lies within this interval 96% of the time
Explanation of Solution
Given information:
The 96% confidence interval for the proportion of the labor force that is unemployed in a certain city is (0.07, 0.10)
Hence 96% confidence interval means we are 96 % confident or chance that the true population parameter belong to this interval and hence we can say that there is a 96 % chance that the interval (0.07, 0.10),contains the true rate of unemployment?
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