Question

Give a brief explanation of the meaning of the interval. We are 5% confident that the true proportion of loyal women shoppers falls above this interval. We are 5% confident that the true proportion of loyal women shoppers falls within this interval. We are 95% confident that the true proportion of loyal women shoppers falls within this interval. We are 95% confident that the true proportion of loyal women shoppers falls outside this interval. Report p^ along with the margin of error. Report the margin of error. Report p^

​. Report the confidence interval. What is the margin of error based on a 95% confidence interval? (Round your answer to three decimal places.)

Answer 1

A confidence interval represents a range of values within which we estimate the true population parameter lies, with a certain level of confidence. The margin of error is a measure of the precision of the estimate. In this case, the margin of error based on a 95% confidence interval can be calculated as (upper limit - lower limit) / 2.

Step-by-step explanation:

A confidence interval represents a range of values within which we estimate the true population parameter lies, with a certain level of confidence. In the context of this study, a 90% confidence interval for the true proportion of loyal women shoppers would mean that we are 90% confident that the true proportion falls within this interval. Similarly, a 95% confidence interval means that we are 95% confident that the true proportion falls within the interval, and a 5% confidence interval means that we are 5% confident that the true proportion falls within the interval.

The margin of error is a measure of the precision of the estimate and represents the maximum likely difference between the true population parameter and the point estimate. To calculate the margin of error, we take half the width of the confidence interval. In this case, based on a 95% confidence interval, the margin of error can be calculated as (upper limit - lower limit) / 2.