THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 70

Multiple Choice

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
Consider the following point estimators,W,X,Y,and Z of μ: W = (x₁ + x₂) /2;
X = (2x₁ + x₂) /3;Y = (x₁ + 3x₂) /4;and Z = (2x₁ + 3x₂) /5.
-Which of the following point estimators is the most efficient?

• A)W
• B)X
• C)Y
• D)Z

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Definitions:

Hindsight Bias

The tendency to believe, after learning an outcome, that one would have foreseen it, often referred to as the "I-knew-it-all-along" phenomenon.

Availability

The ease with which a particular piece of information can be recalled from memory, often influenced by recent exposure or emotional impact.

Deductive Reasoning

A logical process where conclusions are drawn from a set of premises, starting with a general statement followed by specific instances.

Probabilistic Conclusions

Conclusions or inferences that are based on probabilities rather than certainties, often used in the context of decision-making under uncertainty.