A market researcher states that she has 90% confidence that the mean monthly sales of a product are between $190,000 and $220,000. Explain the meaning of thisstatement.Choose the correct answer below.O A. If all possible samples of the same size, n= 100, are taken, 90% of those samples will result in a 90% confidence interval that includes the true populationmean. Therefore, she is 90% confident that this sample is one that does correctly estimate the mean.O B. A 90% confidence interval contains 90% of the possible sample means. Therefore, she is 90% confident that the interval contains the true population mean.OC. Ifa month was selected, there would be a 90% probability that the mean monthly sales value was within the confidence interval that the researcher found, sothe researcher is 90% confident that the true population mean of monthly sales is within the interval.O D. A 90% confidence interval contains 90% of all monthly sales values in the population, so she is 90% confident that the true population mean of monthly salesis within the interval.

The probability that a value will fall between the upper and lower boundaries of a probability…

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A market researcher states that she has 90% confidence that the mean monthly sales of a product are between $190,000 and $220,000. Explain the meaning of this statement.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Question

A market researcher states that she has 90% confidence that the mean monthly sales of a product are between $190,000 and $220,000. Explain the meaning of this
statement.
Choose the correct answer below.
O A. If all possible samples of the same size, n= 100, are taken, 90% of those samples will result in a 90% confidence interval that includes the true population
mean. Therefore, she is 90% confident that this sample is one that does correctly estimate the mean.
O B. A 90% confidence interval contains 90% of the possible sample means. Therefore, she is 90% confident that the interval contains the true population mean.
OC. Ifa month was selected, there would be a 90% probability that the mean monthly sales value was within the confidence interval that the researcher found, so
the researcher is 90% confident that the true population mean of monthly sales is within the interval.
O D. A 90% confidence interval contains 90% of all monthly sales values in the population, so she is 90% confident that the true population mean of monthly sales
is within the interval.

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