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A severe drought has devastated cocoa plants, causing an increase in the price of chocolate. In the market for chocolate chip cookies
T-Statistic
A value derived from sample data that is used in a t-test to determine if there is a significant difference between two groups.
Coefficient on Income
A numerical measure, often used in regression analysis, that represents the change in an outcome variable associated with a one-unit change in income.
Significantly Different
Used to describe when two or more sets of data are proven to be different beyond random chance, often determined through statistical testing.
F-Statistic
A ratio of two variances used in the analysis of variance to assess whether the means of different groups are equal.
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