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Table 2-4
-Refer to Table 2-4. Consider the production possibilities table for an economy that produces only mobile phones and pizzas. What is the opportunity cost of increasing production of mobile phones from 200 to 500?
Preliminary Analysis
An initial examination of data to check for possible errors, understand basic trends and assumptions, and determine the most appropriate statistical tests.
Approximately Normal
Describes a data distribution that closely follows a normal distribution, even though it may not be perfectly normal.
Outliers
Observations that lie an abnormal distance from other values in a random sample from a population.
Approximately Normal
Describes a data distribution that is close to a normal distribution, but not perfectly symmetrical, often applicable in large sample sizes due to the Central Limit Theorem.
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