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Table 2.8
Table 2.8 shows the number of labour hours required to produce a motorcycle and a guitar in Ireland and Scotland.
-Refer to Table 2.8. Does either Ireland or Scotland have an absolute advantage and if so, in what product?
Mean
In statistics, it refers to the average value in a set of numbers, calculated by dividing the sum of all values by the number of values.
Scatterplot
A graphical representation displaying the relationship between two quantitative variables.
Correlated
A term indicating a statistically significant relationship between two or more variables, implying that changes in one are associated with changes in the other.
Random Samples
A sampling technique where each member of a population has an equal chance of being included, allowing for unbiased statistical analysis.
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