Concept explainers
a.
To interpret: The confidence interval.
a.
Explanation of Solution
Given:
The confidence interval is
The confidence interval states that there is 90% certainty that
c.
To explain: The term confidence level.
c.
Explanation of Solution
Confidence level provides the probability of the values that are expected to capture the population parameter. The confidence level is used to calculate the value of the level of significance
Here, the probability to capture the median household income is 90%
Chapter 8 Solutions
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