Answer: The point estimate for the mean is 2.59 and the margin of error is 0.13 .
Step-by-step explanation:
The confidence interval for population mean is given by :-
[tex]\mu\pm E[/tex], where E is the margin of error .
Given : At the end of one year, the store used the weekly sales information to construct a 95% confidence interval for the mean number of emeralds sold per week.
The confidence interval they calculated was (2.46,2.72) .
The lower limit of the confidence interval : [tex]\mu-E=2.46[/tex] (1)
The upper limit of the interval : [tex]\mu+E=2.72[/tex] (2)
Adding (1) and (2) , we get
[tex]2\mu=5.18\\\\\Rightarrow\mu=2.59[/tex]
Now, Subtracting (1) from (2) , we get
[tex]2E =0.26\\\\\Rightarrow\ E=0.13[/tex]
Hence, the point estimate for the mean is 2.59 and the margin of error is 0.13 .
