What Is a Typical Amount of Income for a Subsistence

question 34

Multiple Choice

What is a typical amount of income for a subsistence consumer?

• A)$300/day
• B)$150/day
• C)$50/day
• D)$2/day

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Definitions:

Mean

The mean is the mathematical average of a set of numbers or measurements, obtained by adding them together and dividing by the number of observations.

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.