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ConfidenceInterval
Explain confidence intervals
€18.77 – €27.10Price range: €18.77 through €27.10Certainly! Below is an example of how to explain a **confidence interval** with hypothetical values:
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**Explanation of the Confidence Interval (95% CI: 10.5 to 15.2)**
### **Overview:**
A **confidence interval (CI)** is a range of values that is used to estimate an unknown population parameter. In this case, the interval estimates the **mean** of a population based on sample data, and the 95% confidence level indicates that there is a **95% probability** that the true population mean lies within this range.
### **Given:**
– **Confidence Interval:** 10.5 to 15.2
– **Confidence Level:** 95%
### **Interpretation:**
1. **Meaning of the Confidence Interval:**
The **confidence interval** of **10.5 to 15.2** means that we are **95% confident** that the true population mean falls between **10.5** and **15.2**. This range represents the uncertainty associated with estimating the population mean from the sample data.
2. **Confidence Level:**
The **95% confidence level** implies that if we were to take 100 different samples from the same population, approximately 95 of the resulting confidence intervals would contain the true population mean. It is important to note that the **confidence interval itself** does not change the true value of the population mean; it only represents the range within which that true value is likely to lie, given the sample data.
3. **Statistical Implications:**
– The interval **does not** imply that there is a 95% chance that the true population mean lies within the interval. Rather, it suggests that the estimation procedure will yield intervals containing the true mean 95% of the time across repeated sampling.
– If the interval were to include values both above and below the hypothesized population mean (e.g., zero), this would suggest that there is no significant difference between the sample and the population mean.
4. **Practical Example:**
In a study evaluating the average weight loss of participants on a new diet program, a 95% confidence interval of **10.5 to 15.2 pounds** means that, based on the sample data, the program is expected to result in a mean weight loss within this range. We are 95% confident that the true mean weight loss for the entire population of participants lies between **10.5 pounds and 15.2 pounds**.
### **Conclusion:**
The confidence interval of **10.5 to 15.2** provides an estimate of the population mean, and with a 95% level of confidence, we can be reasonably sure that the true mean lies within this interval. This statistical estimate helps to quantify the uncertainty in sample-based estimates and provides a useful range for decision-making in the context of the analysis.
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This explanation provides a clear, concise interpretation of a confidence interval with a focus on key aspects such as the confidence level, statistical meaning, and practical implications. The structure is designed for clarity and easy understanding.
Interpret confidence intervals
€24.84 – €28.89Price range: €24.84 through €28.89Certainly! Below is an example of how to interpret a confidence interval, based on hypothetical data values.
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**Interpretation of Confidence Interval**
**Given Values:**
– Sample Mean (\(\bar{x}\)): 75
– Standard Error (SE): 5
– Confidence Level: 95%
—
### **Step 1: Understanding the Confidence Interval Formula**
A confidence interval (CI) is a range of values that is used to estimate an unknown population parameter. The formula for a confidence interval is:
\[
\text{CI} = \bar{x} \pm Z \times \text{SE}
\]
Where:
– \(\bar{x}\) is the sample mean,
– \(Z\) is the Z-score corresponding to the chosen confidence level (for 95% confidence, \(Z = 1.96\)),
– \(\text{SE}\) is the standard error of the sample mean.
—
### **Step 2: Calculation of the Confidence Interval**
For a 95% confidence level:
– The Z-score is **1.96**.
– Sample Mean (\(\bar{x}\)) = **75**
– Standard Error (SE) = **5**
Now, calculate the margin of error:
\[
\text{Margin of Error} = 1.96 \times 5 = 9.8
\]
Thus, the 95% confidence interval is:
\[
\text{CI} = 75 \pm 9.8
\]
This results in:
\[
\text{CI} = (65.2, 84.8)
\]
—
### **Step 3: Interpretation**
The **95% confidence interval** for the population mean is **(65.2, 84.8)**. This means that we are **95% confident** that the true population mean lies between 65.2 and 84.8 based on the sample data.
– **Confidence Level:** The 95% confidence level indicates that if we were to take 100 different samples and compute a confidence interval for each sample, approximately 95 of those intervals would contain the true population mean.
– **Interpretation of Range:** The true population mean is likely to be within the range of 65.2 to 84.8, but there is a 5% chance that the true mean lies outside of this range.
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### **Conclusion:**
In conclusion, the confidence interval of **(65.2, 84.8)** provides an estimated range for the population mean based on the sample data. The interpretation suggests a high level of certainty about where the true mean is located, and the interval provides a useful tool for making informed decisions in the context of statistical inference.
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This explanation breaks down the process of calculating and interpreting a confidence interval, ensuring clarity and accuracy in a technical context.