“Well, it’s still all Greek to me,” said Tasha. “I sure do wish I had taken more math in high school.”
“Not to worry, Tasha,” Spencer replied. “Statistics is a lot easier and more common sense than you’d think, and you’ll do just fine with it when you take it in college. Not every instance will fit into our conclusion, so the next thing we want to establish is a confidence level. I think a 98% confidence level would be appropriate for this sample.”
“What does the confidence level mean?” asked Tasha.
Spencer replied, “We’re basically saying that we are 98% confident that the true average cost of private schools in this nation is between x and y.”
If Spencer were to create 100 confidence intervals, one can expect that two of them would not capture the true __________ due to sampling error. If Spencer decides to decrease their confidence level to 95%, the calculated confidence interval would be __________ their 98% confidence interval.