UW-Madison Economics 310 Chapter 10

UW-Madison Economics 310 Chapter 10
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Point Estimator - ANS Estimates the value of an unknown parameter using a single value



Interval Estimator - ANS Draws inferences about a population parameter using an interval



Unbiased Estimator - ANS Has an expected value (long-run average) which equals the parameter being
estimated



Consistent - ANS Approaches the value of the parameter it is estimating as the sample size increases



Relative Efficiency - ANS If there are two unbiased estimators of a parameter, the one whose variance is
smaller is said to have relative efficiency



Confidence Interval Estimator of μ - ANS -Estimates the value of an unknown parameter using an
interval

-If the confidence interval estimator does not contain μ₀, the null hypothesis is rejected



Confidence Level - ANS -The degree of certainty we have that our interval contains the value of the
parameter

-1-a



Lower Confidence Limit (LCL) - ANS The lower bound of the confidence interval



Upper Confidence Limit (UCL) - ANS The upper bound on the confidence interval