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George owns a dude ranch in Texas.He pays $32,000 per year in insurance,$408,000 in wages,and $23,000 in supplies.He forgoes $32,000 per year he could make as a police officer.His total revenue last year equaled $460,000.That means his economic _____ equaled _____.
Probability Distribution
An analytical function that maps out every conceivable value and its associated likelihood for a random variable within a defined boundary.
Given Population
This term pertains to a specific group of individuals, items, or data points that are the focus of a statistical analysis.
Inferential Statistics
The branch of statistics focused on making predictions or inferences about a population based on a sample of data drawn from that population.
Standard Error
A measure that describes the dispersion or variance of sampling distribution of a statistic, most commonly the mean, indicating the precision of an estimate.
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