FORESTRY
AGRICULTURAL STATISTICS AND ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What can you do to reduce the margin of error? I. Decrease confidence levelII. Increase sample sizeIII. Decrease critical valueIV. Increase standard error
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I & II
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II & III
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I & III
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I, II, III
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I, II, III, IV
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Explanation:
Detailed explanation-1: -Increasing the confidence will decrease the margin of error resulting in a narrower interval. Increasing the confidence will decrease the margin of error resulting in a narrower interval.
Detailed explanation-2: -The relationship between margin of error and sample size is simple: As the sample size increases, the margin of error decreases.
Detailed explanation-3: -A larger sample size or lower variability will result in a tighter confidence interval with a smaller margin of error. A smaller sample size or a higher variability will result in a wider confidence interval with a larger margin of error. The level of confidence also affects the interval width.
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