Here are the essential concepts you must grasp in order to answer the question correctly.
Margin of Error
The margin of error quantifies the uncertainty in a sample estimate. It indicates the range within which the true population parameter is expected to lie, given a certain confidence level. For a 95% confidence level, the margin of error is typically calculated using the formula: ME = z * (σ/√n), where z is the z-score corresponding to the confidence level, σ is the population standard deviation, and n is the sample size.
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Confidence Level
The confidence level represents the degree of certainty that the population parameter lies within the margin of error. A 95% confidence level means that if we were to take many samples and construct confidence intervals for each, approximately 95% of those intervals would contain the true population parameter. This level is commonly used in statistics to balance precision and reliability.
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Population Standard Deviation
The population standard deviation is a measure of the dispersion or spread of a set of values in a population. It quantifies how much individual data points deviate from the population mean. In this case, the given standard deviation of 0.068 hours is crucial for calculating the margin of error, as it reflects the variability of winning times among the Boston Marathon champions.
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