A survey of 50 retail stores revealed that the average price of a microwave was $375,with a sample standard deviation of $20. If 90% and 95% confidence intervals were developed to estimate the true cost of the microwave,what similarities would they have?
A)Both have the same confidence level.
B)Both use the same t-statistic.
C)Both use the same z-statistic.
D)Both use the same point estimate of the population mean.

Question

Quizplus · Accepted Answer

Both confidence intervals would use the same point estimate of the population mean, which is the sample mean of $375. Confidence intervals differ in their levels of confidence and the corresponding critical values, but the point estimate remains constant across different confidence levels.

A Survey of 50 Retail Stores Revealed That the Average