Question 2What elements are required to calculate margin of error? Select all that apply.1 pointConfidence levelPopulation sizeMean calculation Sample size

To calculate the margin of error, several key elements are required. Here’s a breakdown of the required elements:

1. Confidence Level: This indicates the degree of certainty you have that the population parameter lies within the margin of error. Common confidence levels are 90%, 95%, and 99%.

2. Sample Size: The number of observations in your sample affects the margin of error. A larger sample size generally results in a smaller margin of error.

3. Population Size: While the population size is relevant, the margin of error formula primarily focuses on the sample size as a way to estimate the population characteristics. For large populations, the population size has less impact.

4. Mean Calculation: While the mean itself isn't directly used to calculate the margin of error, it plays a role in forming confidence intervals around the sample mean.

In conclusion, the essential elements needed to calculate the margin of error are Confidence Level and Sample Size. While Population Size can also influence results, it is not always necessary for the formula in larger populations, and Mean Calculation is more related to confidence interval calculations.