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The red lines show the confidence intervals which do not contain the actual population mean. How does the number of these misses change as you adjust...
The red lines show the confidence intervals which do not contain the actual population mean.
How does the number of these misses change as you adjust the confidence level? What formula do I use to figure this out?
Can you see a connection between the confidence level and the expected number of errors?What formula do I use to figure this out?
How does changing the sample size effect the number of errors made (misses)?What formula do I use to figure this out?
How does the width (length) of the intervals change as the sample size increases?What formula do I use to figure this out?
How does the width(length) of the confidence intervals change as the confidence level increases?What formula do I use to figure this out?
Suppose you are trying to estimate the average daily profit for your business. Therefore, you measure the daily profits for a sample of 30 days using the student t distribution you find a 95% confidence interval of ($-10, $300).
What does this confidence interval tell you about the business?What formula do I use to figure this out?
How would you interpret these results?What formula do I use to figure this out?
