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ETC1000 - Business and economic statistics - S2 2025

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Does the population mean () lie in the bounds of the confidence interval for the sample of 100?

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What is the upper bound of the confidence interval? (Report to 4 decimal places and include appropriate units)

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What is the lower bound of the confidence interval? (Report to 4 decimal places and include appropriate units)

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Calculate the sample mean and produce a 95% confidence interval for the population mean using Excel’s Descriptive Statistics function from the Data Analysis Toolpak. 

What is the value of the sample mean? (Report to 4 decimal places and include appropriate units)

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Produce a 95% confidence interval for the mean from the sample of 30 days using Excel’s Descriptive Statistics function.

Does the population mean () lie in the bounds of the confidence interval from the sample of 30?

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What is the sample mean for the sample of 30 days? (Report to 4 decimal places and include appropriate units)

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If we calculate the mean from a sample of data, then we should also estimate the standard error of the mean and construct confidence intervals to reflect the uncertainty we have about this value relative to the population mean. 

True or false: for the mean calculated from the population of data, we also need to calculate a standard error and confidence interval to better understand the uncertainty we have about this value? 

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What is the population mean () for the data in column B of the "Population Data" sheet? (Report to 4 decimal places and include appropriate units)

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The population mean is an example of a parameter.

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