Question

help with interpreting question please! what is the 'confidence level' as opposed to the confidence interval? I need to understand this before I can answer the question...

Answer 1

say, you have a population of 1 billion and you want to know what everyone thinks about you

Answer 2

clearly, asking all billion people is very costly and may not even be possible

Answer 3

so you compromise and think of taking a survey on a `sample of 100 people` that best represents these billion people.

Answer 4

confidence interval : tells you the `bounds` for the value of interest

in the present example, Confidence Interval can be :
(40, 60)

that means 40-60% of the people will say yes.

Answer 5

Is that clear so far ?