​How Can the Interpretation of Dual Prices Help Provide an Economic

question 55

Short Answer

​How can the interpretation of dual prices help provide an economic justification for new technology?

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Definitions:

Estimator

A guideline or equation that approximates a characteristic of an entire population by analyzing data from a subset of it.

Point Estimate

A single value or statistic that serves as the best guess or estimate of a population parameter based on sample data.

Interval Estimate

An estimate of a population parameter that specifies a range of possible values within which the parameter is expected to lie, usually expressed with a degree of confidence.

Confidence Interval

An interval of values obtained from statistical study of a sample, which is believed to cover the value of a hidden population parameter.