Question

95% confidence interval for the population mean annual earnings for senior-level chemical engineers. 1. The critical value The standard error of the sample mean: 3. The margin of error: 4. The lower limit of the interval: The upper limit of the interval:

Answer 1

To construct a confidence interval for the population mean, you need to calculate the critical value, standard error of the sample mean, margin of error, and the lower and upper limits of the interval.

Step-by-step explanation:

When constructing a confidence interval for the population mean, several values and calculations are involved:

1. The critical value: This is determined based on the desired confidence level and the sample size. It is used to find the margin of error.
2. The standard error of the sample mean: This is calculated by dividing the standard deviation by the square root of the sample size.
3. The margin of error:
4. This is the maximum amount by which the sample mean may differ from the population mean. It is calculated by multiplying the critical value by the standard error of the sample mean.
5. The lower limit of the interval:
6. This is obtained by subtracting the margin of error from the sample mean.
7. The upper limit of the interval:
8. This is obtained by adding the margin of error to the sample mean.