Question

Suppose a 95% confidence interval was made to estimate the monthly cost of internet service instead of a 90% confidence interval. How would the interval change?.

Answer 1

The 95% confidence interval will be wider than the 90% confidence interval.

In statistics, the likelihood that a population parameter will fall between a set of values for a certain percentage of the time is referred to as a confidence interval. Analysts frequently employ confidence ranges that include 95% or 99% of anticipated observations. Therefore, it may be concluded that there is a 95% likelihood that the real value falls within that range if a point estimate of 10.00 with a 95% confidence interval of 9.50 - 10.50 is derived using a statistical model.

• The level of certainty or uncertainty in a sampling process is measured by confidence intervals.

• Additionally, they are employed in regression analysis and hypothesis testing.

• To determine statistical significance, statisticians frequently combine confidence intervals with p-values.

• 95% or 99% confidence levels are most frequently used in their construction.

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