4 statistics questions (DETAILED RESPONSES)

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February 19th, 2023

1.•What is a point estimate? •What is a confidence interval?2. •How do you interpret a confidence interval?•Give an example in business where this might be helpful?3.•Carefully define the following terms: Null hypothesis, alternative hypothesis, Type I error, Type II error, one-tailed test, two-tailed test 4.•Set up and design a scenario in which a hypothesis test is warranted. Identify all main terms above in this context.

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