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Refer to the graph shown. With a tariff on lumber imported from Canada of $6 per ton, the revenue the government would collect from the import of lumber would be:
Confidence Interval
A swath of numerical values, from statistics of a sample, aimed at covering the unascertained value of a population parameter.
Margin of Error
The half-width of a confidence interval, representing the maximum expected difference between the true population parameter and a sample estimate of that parameter.
Population Standard Deviation
A measure of the dispersion or spread of a set of data values in a population, indicating how much individuals within this population vary from the population mean.
Interval Estimate
An estimate of a population parameter that provides a range of values believed to contain the parameter with a certain degree of confidence.
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