Using what you learned in this week's lessons, answer the following questions:
- What is the difference between a point estimate and an interval estimate? Give an example of each.
- Suppose the 95% confidence interval for a population mean is (56.56, 62.39), write a sentence interpreting this interval. What does the phrase “95% confidence” mean in this context?
- At a fixed confidence level, what effect will increasing the sample size have on the length of a confidence interval?