(a) Explain the statement in the text: “A point estimate taken by itself is meaningless ….” (b) With specificreference to β explain the following phrase which completes the quote in part (a): “… because it gives no indication at all of the accuracy of the estimate or the certainty with which that accuracy is attained.” (c) If the data is atypical, that means there's something wrong. What are some of the possibilities for what could be wrong? (d) To make sense of a point estimate, we require something much more than just that one number. What more is required?
(a) Explain the statement in the text: “A point estimate taken by itself is meaningless…
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