Statistics...I have a statistics problem?

The starting salaries of a random sample of three students who graduated from North Carolina State University last year with majors in the mathematics sciences are $45,000, $35,000, and $55,000.





a. Find a point estimate of the population mean of the starting salaries of all math science graduates at that university last year.





b. There is a margin of error of $24,800 for a 95% confidence interval for the population mean starting income. Construct that interval.





c. Use this example to explain why a point estimate alone is usually insufficient for a statistical inference.





*Notes:


A point estimate is a single number that is our "best guess" for the parameter.





An interval estimate is an interval of numbers within which the parameter value is believed to fall.





A confidence interval is an interval containing the most believable values for a parameter. This is a number chosen to be close to 1, most commonly 0.95.

Statistics...I have a statistics problem?
The point estimate is the average or 45K





The 95% CI would range from 45K -12.4 K to


45K+12.4K





A point estimate does not indicate variance (the more formal term for "interval estimate")
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