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easy
Confidence Intervals
A 95% CI for mean daily revenue is [
980
,
980,
980
,
1,020]. A manager says "there's a 95% probability the true mean is in this interval." What is wrong with this interpretation?
A
Nothing — a 95% CI means a 95% probability the true mean is inside it
B
The true mean is a fixed (unknown) constant — it is either inside or outside this specific interval; 95% refers to the long-run coverage of the procedure
C
The interval should be stated as ±$20, not as a range
D
95% CI only applies to sample statistics, not population means
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