Examlex
The price elasticity for insulin (a life- saving drug for diabetics) is likely to be________ .
Nominal Data
Nominal data refers to a type of data that is categorized without a natural order or rank, such as names, labels, or categories.
Z-test
A statistical test used to determine if there is a significant difference between the means of two variables, based on a normal distribution.
Chi-squared Distribution
A statistical distribution showing how the sum of squared independent standard normal variables is distributed, often used in hypothesis testing.
Goodness-of-fit Test
A statistical test used to determine if sample data fits a distribution from a population with a normal distribution.
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