Answer :
Final answer:
The point estimate is the average of the confidence interval, which turns out to be 180 pounds. The margin of error, which measures our confidence about how well the sample mean represents the population mean, can be calculated as the difference between the point estimate and one end of the confidence interval, resulting in 17 pounds.
Explanation:
The confidence interval provided in the question is given as 163 pounds < μ < 197 pounds. The point estimate, also known as the sample mean, is derived by finding the midpoint of this interval. That is, (197+163)/2 = 180 pounds. In terms of how confident we are that the true population mean lies within this interval, we measure this with what is called the margin of error. The margin of error is calculated by subtracting the point estimate from one end of the confidence interval. So, 197 - 180 = 17 pounds. So, the point estimate is 180 pounds and the margin of error is 17 pounds.
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