What is the difference between margin of error and confidence interval?
An example of an AI chatbot conversation about margin of error and confidence interval.
What is the difference between margin of error and confidence interval?
The margin of error indicates the range of possible values for a sample statistic, while the confidence interval provides a range of values that likely contains the population parameter.
Can you give me an example of how to calculate both?
Sure! If you survey 100 people and find that 60% support a policy, the margin of error might be ±5%. The confidence interval would then be 55% to 65%.
Why is understanding these concepts important in statistics?
Understanding these concepts helps in interpreting survey results and making informed decisions based on data.
How do sample size and confidence level affect the margin of error?
A larger sample size generally reduces the margin of error, while a higher confidence level increases it, as you want to be more certain.
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