When Statisticians Analyze Sample Data in Order to Draw Conclusions

question 80

Multiple Choice

When statisticians analyze sample data in order to draw conclusions about the characteristics of a population, this is referred to as:

• A) Descriptive statistics
• B) Statistical inference
• C) Data analysis
• D) Data summarization

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Definitions:

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive, due to market prices.

Total Surplus

The aggregate benefit to society, constituted by the addition of consumer and producer surplus, derived from the creation and utilization of goods and services.

Total Surplus

The aggregate of producer surplus and consumer surplus, symbolizing the complete net advantage to society through the consumption and manufacture of goods and services.

Auction

A public sale in which goods or services are sold to the highest bidder.