The product manager for a large retail store has recently stated that she estimates that the average purchase per visit for the store's customers is between $33.00 and $65.00. The $33.00 and the $65.00 are considered point estimates for the true population mean.

Question

Quizplus · Accepted Answer

The $33.00 and $65.00 are not point estimates; they form an interval estimate for the true population mean. A point estimate would be a single value, like an average, that estimates the population parameter.

The Product Manager for a Large Retail Store Has Recently