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Chapter 8: Q 14. (page 507)

More income The 2015American Community Survey estimated the median household income for each state. According to ACS, the 90%confidence interval for the 2015

median household income in New Jersey is \(72,222±\)610.

a. Interpret the confidence interval.

b. Interpret the confidence level.

Short Answer

Expert verified

a. Confidence Interval is ($71612,$72832).

b. It is expected that 90%of all samples have 90%confidence interval which has true population parameter.

Step by step solution

01

Given Information

90% confidence interval is given for household income is$72222±$610

02

Interpreting Confidence Interval

It is calculated as $72222±$610

=($71612,72832)

It implies that income in New Jersey lies between$71612and$72832

03

Interpreting Confidence Level

  • 90%confidence interval shows population median household income.
  • Hence, about 90%of samples have 90%confidence interval having true population parameter.

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