Asked by Kevin Parker on Sep 29, 2024
The librarian at the New York City Public Library has asked her assistant for an interval estimate of the mean number of books checked out each day.The assistant took a sample and found the mean to be 880 books.She provides the librarian with an interval estimate of between 790 and 970 books checked out per day.An efficient,unbiased point estimate of the number of books checked out each day at the New York City Public Library is:
A) 790
B) 880
C) 90
D) None of these choices.
Interval Estimate
A type of estimate that provides a range of values within which a population parameter is expected to lie, often associated with a confidence level.
Efficient
Refers to achieving maximum productivity with minimum wasted effort or expense.
Unbiased
A term used in statistics to describe an estimate or model that is accurate and not skewed by any factors.
- Identify differences between point estimates and interval estimates.
- Recognize the practical implications of estimation in real-world scenarios.
Learning Objectives
- Identify differences between point estimates and interval estimates.
- Recognize the practical implications of estimation in real-world scenarios.