Examlex
The consumer chooses consumption of the two goods so that the marginal rate of substitution equals the relative price ratio.
Unbiased Estimator
An unbiased estimator is a statistical term for an estimate that is expected to be equal to the true parameter of the population.
Population Parameter
A numerical value that summarizes or describes an aspect of a population, such as its mean or standard deviation.
Expected Value
The weighted average of all possible values of a random variable, reflecting the central tendency of the variable's probability distribution.
Population Standard Deviation
Population Standard Deviation measures the dispersion or variability within a set of values for an entire population, indicating how much the individual data points differ from the mean.
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