A marketing research company is estimating the average total compensation of CEOs in the service industry. Data were randomly collected from 18 CEOs and the 99% confidence interval for the mean was calculated to be ($2,181,260, $5,836,180 ) Explain what the phrase "99% confident" means
A) 99% of the population values will fall within the interval.
B) 99% of the similarly constructed intervals would contain the value of the sample mean.
C) In repeated sampling, 99% of the intervals constructed would contain ?.
D) 99 % of the sample means from similar samples fall within the interval.
C
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You post a notice at school that you will sell your laptop computer for $600 . A buyer comes by your room to look at it while you are gone and your roommate sells it for $500, thinking you would be happy with that price, which you did not authorize
a. you must accept the deal because your roommate had implied authority b. you must accept the deal because people living together have power of attorney c. you can accept the deal by express or implied ratification d. you can accept the deal by express ratification only, not implied ratification e. the deal cannot be valid because there was no consent
True or False Six classmates told you their scores on the last statistics exam. Based on this information, you conclude that the average exam score for the entire class was 82 . This is an example of descriptive statistics
Indicate whether the statement is true or false