Answer:
The answer to the question is
Point Estimate = 1.5
Margin of error = 0.3
Step-by-step explanation:
A point estimate as opposed to an interval estimate, presented in the question which consist of a range of values, is a specific point or single value to describe a given set of collected data. An example of a point estimate is the mean of a range of values hence the point estimate is given as
(1.2 + 1.8) ÷ 2 which is equal to 1.5
The margin of error is used to describe the required allowance in terms of statistical points or percentage points by which a given set of result could vary from the actual sample. It represents the expected error between the actual population and the survey result
In this case the margin of error from the mean is
1.5 - 1.2 = 0.3
Margin of error formula is z ×σ/√(n)
where z = z-score
σ = standard deviation
n = number of sampled data
