11/27/2023 0 Comments Confidence interval creator given data![]() Besides, there are multiple techniques to estimate and apply confident intervals, but still, through this example, we can represent the functionality of confidence interval in a more complicated problem. There are several ways to approach this issue, which involves complex theoretical and empirical analysis, that is far beyond the scope of this text. To be more specific, let's consider the following general question that often raises economists' interest: "How does a change in the interest rate affect the price level?" One peculiar way of making use of confidence interval is the time series analysis, where the sample data set represents a sequence of observations in a specific time frame.Ī frequent subject of such a study is whether a change in one variable affects another variable in question. Now, the only thing left to do is to find the lower and upper bound of the confidence interval: Once you have calculated the Z(0.95) value, you can simply input this value into the equation above to get the margin of error. You can use the z-score tables to find the z-score that corresponds to 0.025 p-value.
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