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Suppose your expenses for this term are as follows: tuition: $9,000,room and board: $1,500,books and other educational supplies: $1,000.Further,during the term,you can only work part-time and earn $3,000 instead of your full-time salary of $8,000.What is the opportunity cost of going to college this term,assuming that your room and board expenses would be the same even if you did not go to college?
Standard Error
The standard deviation of the sampling distribution of a statistic, often used to estimate the accuracy of a sample mean.
Population Standard Deviation
A measure of the dispersion or variability within a full population, indicating how much individual points differ from the population mean.
Sample Size
The number of individual observations or data points collected and included in a sample from a population for analysis.
Effect Size
A quantitative measure of the magnitude of a phenomenon or the strength of the relationship between variables in statistical analysis.
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