Constructing confidence intervals

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.