Looking for help with some of my stats homework, I got parts of it but then hit a brink wall. Any help would be welcome.
A recruiter estimates that if you are hired to work for her company and you put in a full week at the commissioned sales representative position she is offering, you will make “$525 plus or minus $250, 80% of the time.” She adds, “It all depends on you!”
a. What does the “$525 plus or minus $250” mean?
b. What does the “80% of the time” mean?
c. If you make $300 to the nearest $10 most weeks, will she have told you the truth? Explain.
This is a confidence interval. She is 80% confident that your earnings will be between $270-775 ($525±250).
How does this effect your response to C?