Statistics Is About Collecting Information and Using It to Help

question 25

Essay

Statistics is about collecting information and using it to help you make a decision.Give an example of a decision that could be made using statistics.

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Definitions:

Consumers

Individuals or entities that purchase goods or services for personal use and not for manufacture or resale.

Producers

Entities or individuals involved in the creation of goods or services for the market.

Deadweight Loss

The loss of economic efficiency when the equilibrium outcome is not achievable or not achieved.

Excise Tax

A tax directly levied on certain goods, such as alcohol and tobacco, by a government entity.