Examlex
A monopolist currently sells 18 units of a good.If marginal revenue on the last unit sold is $117, then the price of the good must be less than $117.
Total Sum of Squares
A measure used in statistics that quantifies the total variability of a dataset.
Total SS
Total Sum of Squares (Total SS) represents the total variance in the observed data, measuring the overall deviation from the mean.
SSE
Sum of Squared Errors: the total deviation of the response values from the fit to an estimation model.
Randomization
A process in experimental design to ensure every participant has an equal chance of being assigned to any group, reducing bias.
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