Question on STATS:?
Suppose that we have collected information on how much a sample of households spend on clothing per year. If we are 90% confident that the true population mean will lie between $1,500 and $ 2,100, the chance that the population mean will either be less than $1,500 or above $2,100 is _______ %.
- AlanLv 78 months ago
90 % confidence interval goes from
5% to 95% leaving 90% in the middle
so the probability it is less than 1500 is 5 %
and the probability it is greater than 2100 is 5%
p =0.05 as a decimal
or p = 5% as a percentage
If you want the combined percentage of either x<1500 or x> 2100
that is 5+ 5 = 10 %
- RealProLv 78 months ago
I mean, if "we" are 90% confident that Martians like techno music, that doesn't mean there's a 10% chance they don't