In an APA formatted Word document complete the following: Part 1. Explain the concept of 'margin of...

Question

In an APA formatted Word document complete the following:

Part 1. Explain the concept of 'margin of error' in deciding the size of a sample.

Part 2 - Explain the following terms with an example

- Point estimate
- Interval estimate
- Confidence interval
- Confidence limits
- Confidence coefficients or critical values.

Part 3 - In a survey carried out in a large city, 170 households out of a random sample of 250 owned at least one pet. Find the 95 per cent confidence interval for the percentage of households in the city who own at least one pet. Does the result support a pet food manufacturer's claim that 75 per cent of all households have at least one pet?

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Monica · Accepted Answer

PART 1 
Margin of Error:
The margin of error is a measure of the precision of a sample estimate, and it is typically expressed as a percentage of the estimate. It indicates the level of confidence that the sample estimate is close to the true population value. The margin of error is larger with smaller sample sizes and is related to the desired level of precision and the size of the population being studied.
PART 2 
1. Point and Interval Estimates:
A point estimate is a single value used to estimate a population parameter, such as the sample mean being a point estimate of the population mean. An interval estimate is a range of values used to estimate a population parameter and is defined by a lower and upper limit. For example, a 95% confidence interval is an interval estimate of the population mean.
2. Confidence Interval:
A confidence interval is a range of values used to estimate a population parameter. It is calculated based on the sample data and a chosen level of confidence and indicates that if the sampling process were repeated many times, the interval estimate would contain the true population mean a specified percentage of the time. The upper and lower limits of a confidence interval are known as the confidence limits. Confidence coefficients or critical values are used to determine the range of a confidence interval and are calculated based on the level of confidence and sample size.
3. Confidence limits:

In an APA formatted Word document complete the following: Part 1. Explain the concept of 'margin of error' in deciding the size of a sample. Part 2 - Explain the following terms with an...

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