company scientist is testing whether the mean level of a toxin in a newly created children’s medicine is less than 5mg, a level which could damage the children taking it. a. If the test were conducted on a sample of 5,000 bottles, explain how the results could give significant results, but still make the company hesitant about making the medicine. b. 5% is a very common significance level for significance tests, but it Is arbitrary. In this case explain what you might change the significance level to and why you would consider changing it.

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A:

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Confidence Intervals

When we calculate intervals in probability and statistics, it can be simply termed as finding out a confidence interval. The confidence interval is usually calculated from the data set which is observed. The value of the parameter that needs to be calculated is present here only.