Discuss the importance of constructing confidence intervals for the population mean, assignment help

- What are confidence intervals?
- What is a point estimate?
- What is the best point estimate for the population mean? Explain.
- Why do we need confidence intervals?
Find the best point estimate of the population mean.
Construct two confidence intervals for the population mean: a 95% confidence interval and a 99% confidence interval. Assume that your data is normally distributed and the population standard deviation is unknown.
- Please show your work for the construction of these confidence intervals and be sure to format your equations to fit the appropriate form (may need editing here).
Write a paragraph that correctly interprets the confidence intervals in context of your selected topic.
Compare and contrast your findings for the 95% and 99% confidence intervals.
- Did you notice any changes in your interval estimate? Explain.
- What conclusion(s) can be drawn about your interval estimates when the confidence level is increased? Explain.