Confidence interval is said to be range of values showing lower and upper bound, in which, for example, there is blank % likelihood that the family income in constant dollar amount is between upper and lower bound. It is a boundary of stated values that tend to show likelihood in which value of constraint lies with it (Wagner, 2016). When we increase the sample size, let’s say from 10% to 40%, we can see the width of the confidence interval
A Confidence interval is a range of values that likely would contain an unknown population parameter. Confidence level refers to the percentage of probability, or certainty, that the confidence interval would contain the true population parameter when you draw a random sample many times. Confidence intervals are described broadly as tools for extracting necessary information about the data parameter. Populations and samples with more variability generate wider confidence intervals and sample Size. As noted in other readings the smaller the
