Question

The results of a poll show that between 74% and 82% of consumers prefer Chip A to Chip B. What is the point estimate for the percent of consumers that prefer Chip A to Chip B?

74%

78%

82%

8%

Answer 1

78%

Explanation:

First of all, the point estimate is a value located in between the upper confidence limit and the lower confidence limit, it identifies a point in some parameter space.

This question provides us with an interval estimate which is a range of values used to estimate a population parameter.

Interval Estimate = 74% to 82%

74% = Lower confidence limit

82% = Upper confidence limit

Point estimate = middle value

=
`(74+82)/(2)=(156)/(2)`

= 78%