Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information For Business Decisions

Authors: Billie Cunningham, Loren A. Nikolai, John Bazley

1st Edition

0030224292, 978-0030224294

Students also viewed these Mathematics questions