2. What would happen if the bar was too large is a couple of things. The first thing that would happen if the bar was too large is the confidence intervals would be narrowed. The narrowing of the confidence intervals would make it better for the contestants on the show to win. However if the bar were to become too small the confidence intervals would be widened. The widening of these confidence intervals give the player a worsened chance of winning the prize in question. … Purchase answer to see full attachment

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Over the last couple of weeks we have studied confidence intervals. The goal of constructing confidence intervals is to estimate the true parameter of a population. To better understand confidence intervals, we will relate them to a popular game show, The Price is Right. I always wanted to be a contestant on this show! One game played on the show is called the Range Game. If you are unfamiliar with the game, watch the short video clips below. This week, we will explore how the Range Game can be a good analogy of creating Confidence Intervals. Even though the length of the bar in the Range Game is the same, it represents an estimation of the actual price. Let us assume that neither the contestant nor the producers know the actual price of the prize, thus they want to create a confidence interval of the actual price. If the actual price is within the interval, the contestant wins. However, if the actual price is outside of the interval, the contestant loses. Tips for replying: In order to reach the 100 words in your reply consider trying the following: ● If you agree or disagree with a post, state why. Give specifics and remember to be respectful. ● Suggest other variables the person could consider that relate to their field. ● Ask questions like…did you consider?? or could you clarify? ● Cite sources from the book that support the post you read Here are the videos: https://youtu.be/dJ2XyxxuO9c https://youtu.be/pW4VrvAQ18A Reply to these two discussions 1. According to the video provided in this discussion and the rules of the game, the red window which spans $ 150 of the range; it is nicknamed the “ranger finder” that represents the confidence interval for the game. Because the range finder must include the price of the prize, a contestant would like a large-sized range finder so that it might include the actual price. However, a producer would like a small-sized range finder so that the actual price might be outside. In terms of statistics, the actual price is the population parameter value. Since large confidence intervals are more likely to contain the actual estimations, a contestant is confident to win the game. As small confidence intervals are more unlikely to contain the actual estimations, a contestant is hesitant. 2. What would happen if the bar was too large is a couple of things. The first thing that would happen if the bar was too large is the confidence intervals would be narrowed. The narrowing of the confidence intervals would make it better for the contestants on the show to win. However if the bar were to become too small the confidence intervals would be widened. The widening of these confidence intervals give the player a worsened chance of winning the prize in question. …
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