FORESTRY
AGRICULTURAL STATISTICS AND ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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0.093
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0.047
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.034
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.34
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Detailed explanation-1: -With a 95 percent confidence interval, you have a 5 percent chance of being wrong. With a 90 percent confidence interval, you have a 10 percent chance of being wrong. A 99 percent confidence interval would be wider than a 95 percent confidence interval (for example, plus or minus 4.5 percent instead of 3.5 percent).
Detailed explanation-2: -The critical value for a 95% confidence interval is 1.96, where (1-0.95)/2 = 0.025.
Detailed explanation-3: -The approximate value of this number is 1.96, meaning that 95% of the area under a normal curve lies within approximately 1.96 standard deviations of the mean. Because of the central limit theorem, this number is used in the construction of approximate 95% confidence intervals.