Question
Discuss the effect that each of the following has on the confidence interval: point estimate, level of confidence, sample size. I think I'm going in
Discuss the effect that each of the following has on the confidence interval: point estimate, level of confidence, sample size.
I think I'm going in somewhat the right direction, but need some reassurance on it. My thoughts:
The point estimate is the center of the interval. I look at it the same way I would view the mean, it's "average". The level of confidence is a direct correlation of what the point estimate is. The sample size affects it because the larger the size the more lower the confidence interval may be.
If I am wrong, any guidance helps. Thanks a bunch!
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