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The Hadleys ran a flourmill in Gloucester.The crankshaft attached to the steam engine in the mill broke, causing the mill to shut down.The shaft had to be sent to a foundry located in Greenwich so that the new shaft could be made to fit the other parts of the engine.Baxendale was a common carrier that transported the shaft from Gloucester to Greenwich.The freight charges were collected and Baxendale promised to deliver the shaft the following day.It was not delivered for a number of days, however, and as a result, the mill was closed for those days.What will be the critical issue in determining whether the Hadleys may recover their lost profits for the time the mill was closed?
Confidence Interval
A scope of values, sourced from statistical analysis of a sample, that is believed to contain the value of an undisclosed population parameter.
Margin of Error
An expression of the amount of random sampling error in a survey's results, indicating a range within which the true value lies with a certain level of confidence.
Parking Fees
Charges applied for the use of parking space for vehicles within a designated area or facility.
Normally Distributed
Describes a distribution of data that follows a bell-shaped curve, characterized by its mean, median, and mode being equal.
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