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A car manufacturer has developed different models of a car to suit the pricing needs of different classes of customers. It offers a low-end version for price conscious customers and luxury cars for high-end customers. This is an example of _____ pricing.
Average Scores
A statistical measure that represents the central or typical value in a set of data, calculated by dividing the sum of all values by the number of values.
Probability
A measure of the likelihood that an event will occur, quantified as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.
Descriptive Statistics
Statistical procedures used to summarize, organize, and simplify data, including measures of central tendency and variability.
Inferential Statistics
Statistical methods that allow researchers to make inferences or predictions about a population based on a sample of data.
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