“probably three to eight times #1 as #2”
Presumably the more resources the college has, the more likely it is that this figure will be towards the bottom end of this range, because aid requirements are less of a concern.
However, the applicant pool for those elite schools probably contains at least 10 times more of #1 compared to #2, so the rate of admission for #1 is very likely to be lower than for #2.