Explain (In Words That a Non-Statistics Student Would Understand) What

question 23

Essay

Explain (in words that a non-statistics student would understand) what is meant by a '95% confidence interval.'

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Definitions:

Marginal Product

The extra output that comes from increasing a particular input by one unit, while keeping all other inputs unchanged.

Marginal Revenue Product

The extra revenue generated by employing one more unit of a factor, such as labor or capital.

Marginal Revenue Product

The additional revenue generated from using one more unit of a resource.

Additional Revenue

The increase in income received from selling one more unit of a product or service.