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Numerade Educator

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Problem 102 Hard Difficulty

The American Community Survey $(\mathrm{ACS}),$ part of the United States Census, conducts a yearly census similar to the one taken every ten years, but with a smaller percentage of participants. The most recent survey estimates with 90$\%$ confidence that the mean household income in the U.S. falls between $\$ 69,720$ and $\$ 69,922$ . Find the point estimate for mean U.S. household income and the error bound for mean U.S. household income.

Answer

The error bound for mean is $\$ 101$ and the sample mean is $\$ 69,821$

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Video Transcript

so wanted to gives you the interval and want you to find the point estimate mean in the air abound. So for the point estimate, it's just the midpoint. So 69,720 plus 69,000 922 over too is used 69,821. So that's the point. Estimate me. The air bound is the distance from your mean to either point. They will be the same. So take the mean 69,821 and subtract the lower bound 69,720. That gives you one on one so that your air bound or your margin there.