(a) Explain the difference between a point estimate and an interval estimate. (b) The starting salaries...

(a) Explain the difference between a point estimate and an interval estimate.
(b) The starting salaries of a random sample of three students who graduated from North Carolina State University last year with majors in the mathematical sciences are $45,000, $35,000, and $55,000.

(i) Find a point estimate of the population mean of the starting salaries of all math science graduates at that university last year.
(ii) The margin of error for a 95% confidence interval is known to be $24,800. Construct that interval.

(iii) Use this example to explain why a point estimate alone is usually insufficient for statistical inference.

Expert Solution

orchestra answered 1 year ago

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