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1. Answers:
• Let 𝜃 be a population parameter. If we want to find 𝜃̂1 and 𝜃̂2 such that
𝑃(𝜃̂1 < 𝜃 < 𝜃̂2 ) = 1 − 𝛼, where 𝛼 between 0 and 1, the interval 𝜃̂1 < 𝜃 < 𝜃̂2 which is
computed from the selected sample is called a 100(1 − 𝛼)% confidence interval.
• Let 𝜃 be a population parameter. A single value 𝜃̂ of a statistic 𝜗 of 𝜃 is called a point
estimate.
• The one with the smallest variance is the best point estimate for a population, thus the
sample mean is the best point estimate for the population mean.
• Confidence intervals provide an upper and lower limit around population parameter 𝜃,
so we can be confidence that we have that parameter in our int...