Question
Question 1: Where would you use a confidence interval in everyday life? Please give a real life example. (below is an example, I need one
Question 1: Where would you use a confidence interval in everyday life? Please give a real life example. (below is an example, I need one for my own.)
(For example, I worked many years in the pharmaceutical industry and in research and development of drugs confidence intervals were used to discuss results on drug efficacy. One study on drug efficacy had a 95% confidence interval that the range of results would contain the specified parameters for drug XYZ within 3 days.)
Question 2: When n increases what happens to the width of a confidence interval?
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