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The confidence interval estimate of the expected value of y will be wider than the prediction interval for the same given value of x and confidence level. This is because there is more error in estimating a mean value as opposed to predicting an individual value.
Marginal Utility
The added satisfaction a consumer gets from consuming one additional unit of a good or service.
Price Ratio
The proportionate relationship between the prices of two goods or services, indicating how many units of one good can be exchanged for one unit of another.
Marginal Utility
The extra pleasure or benefit gained by a person from consuming one more unit of a product or service.
Total Utility
The overall satisfaction or utility that a consumer derives from consuming a certain quantity of goods or services.
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