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If the MRP of an acre of land were $100 and its rent were $50,
Type II Error
The statistical error that occurs when one fails to reject a false null hypothesis, a mistake of not detecting an effect that is there.
Nonparametric Techniques
Statistical methods that do not assume a specific distribution for the data they are analyzing.
Parametric Techniques
Statistical methods based on assumptions about the distribution of the underlying population from which the sample data are drawn.
Confidence Interval
A range of values, derived from statistical analysis, that is likely to contain the value of an unknown parameter with a specified level of confidence.
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