Answer :
Final answer:
The correct interpretation of the margin of error given is option B; the mean value of 173 mg has a margin of error of 21 mg, which means the true population mean is estimated to be within the interval from 152 mg to 194 mg. The margin of error is a key concept in statistics enabling researchers to define the accuracy of their data and results.
Explanation:
The correct interpretation of the margin of error in this question is option B: 'The figure given as 173 is not the exact value; 173 may fluctuate anywhere between 152 and 194.' This answer reflects the proper understanding of what a margin of error is and how it is applied in statistical analysis. In the given problem, the sample mean is 173 mg and the margin of error is +/- 21 mg. This means that, based on the sample data collected, we can be confident that the true population mean lies within this range, from 152 mg to 194 mg.
To clarify this, a confidence interval in statistics is a range of values, derived from a data set, which is likely to contain the value of an unknown population parameter. In this case, the unknown population parameter is the mean value for oral doses. Since the margin of error is 21, the true population mean is estimated to be within 21 units of the sample mean of 173, resulting in an interval from 152 to 194.
The margin of error is important in helping statisticians and researchers define the accuracy of their data and results. By establishing a margin of error, they can account for any discrepancies or anomalies within their data, helping to solidify and validate their theories or hypotheses.
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