A survey of 25 grocery stores revealed that the average price of a 4-litre bag of milk was $2.98 with a standard error of $0.10. If 90% and 95% confidence intervals were developed to estimate the true cost of a 4-litre bag of milk, what similarities would they have?
A) Point estimates
B) t-statistics
C) Standard errors
D) Both the same point estimate and the same standard error
E) Both the same t-statistic and point estimate

Question

Quizplus · Accepted Answer

Both 90% and 95% confidence intervals would use the same point estimate ($2.98) and the same standard error ($0.10). The difference between the two confidence intervals would be the t-statistic used, which varies depending on the confidence level and degrees of freedom.

A Survey of 25 Grocery Stores Revealed That the Average