Explain the difference between a point estimate and interval estimate
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Explain the difference between a point estimate and interval estimate

Part 3

(a) Explain the difference between a point estimate and interval estimate.

(b) Construct and interpret the 95% confidence interval estimate for the population average exam marks.

(c) Describe the effect of increasing the confidence level to 99% on the confidence interval estimate of part (b).

(d) Describe the effect of increasing the sample size to 150 on the confidence interval estimate of part (b).

(e) If the researcher claims that the population mean exam mark is 65, do you agree with his/her claim based on the data? Explain why.

Hint
Managementa)Point estimate is the defined as the estimated values of population parameter. It is calculated on the basis of sample statistics. Interval estimate is the range of values which are estimate of population parameter. It is generally defined at a specific confidence level....
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