FORESTRY
AGRICULTURAL STATISTICS AND ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Margin of Error
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Point Estimator
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Statistic
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Population
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Detailed explanation-1: -The margin of error is the amount that is subtracted from and added to the point estimate to construct the confidence interval. The margin of error will depend on two factors: The level of confidence which determines the multiplier. The value of the standard error.
Detailed explanation-2: -The margin of error shows the error in the calculation of survey results. It indicates the probability of precisely two values by which the survey results can vary from the actual results. One of these values is obtained through addition, while the other is obtained through subtraction.
Detailed explanation-3: -Compute the standard error as /√n = 0.5/√100 = 0.05 . Multiply this value by the z-score to obtain the margin of error: 0.05 × 1.959 = 0.098 . Add and subtract the margin of error from the mean value to obtain the confidence interval. In our case, the confidence interval is between 2.902 and 3.098.