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Statistics and Probability

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Purpose of a Confidence Interval

STATS-GKYXNE

We are interested in how much this week's average gasoline price has changed compared to the all-time high of $\$4.11$ per gallon.

What would be the purpose of calculating a confidence interval in this case?

A

To use a sample statistic to estimate the value of a population parameter.

B

To use $\mu$ to estimate the value of a sample mean.

C

To use the sample mean to determine a level of confidence.

D

To use a level of confidence to estimate a sample proportion.