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Three economic questions must be determined in all societies. What are they?
Population Mean
The average value of a set of characteristics for the entire population, calculated as the sum of all values divided by the number of values.
Level of Confidence
The degree of certainty or trust one can have in the interval estimate of a population parameter.
Confidence Interval
A range of values, derived from sample data, that is likely to contain the population parameter of interest with a specified probability.
Population Mean
The average value of all members of a population.
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