Given the interval (1.2, 1.8), what is the point estimate and the margin of error?
Question
Solution
The point estimate is the midpoint of the interval, which can be calculated as the average of the two endpoints.
Step 1: Add the two endpoints together. 1.2 + 1.8 = 3
Step 2: Divide the sum by 2 to find the midpoint. 3 / 2 = 1.5
So, the point estimate is 1.5.
The margin of error is the distance from the point estimate to either endpoint of the interval.
Step 1: Subtract the point estimate from one of the endpoints. 1.8 - 1.5 = 0.3
So, the margin of error is 0.3.
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