Knitted Baby Caps Knitting Question!! HELP?

Knitting Question!! HELP? - knitted baby caps

Ok, so I started knitting a baby. Dice posted 76 points in the next row k2, p2 to the end of the line, I've done. What I do not understand is when he says that this model of 71 / 2 inches.

The next line is to decide where I left it last in the series. Importance of K2, I landed in the last two tricks.

So if the beginning of the next line P2 or K2?

Im really confused because I do not know if that's important, and if we make a difference in the pattern.

Note: I'm a newbie:)