In Each of the Following Statements, Determine Whether the Branch

question 32

Essay

In each of the following statements, determine whether the branch of statistics is best classified as descriptive statistics or inferential statistics.
A. The average of a data set is equal to 35.7.
B. The minimum value of a data set is 78, and the maximum value is 146.
C. Because the average age in a sample is 23, it is likely that the average age in the population is about 23.
D. Because the values in the sample are so widely dispersed, the spread of the population must be high.

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Definitions:

Monopoly

A market structure characterized by a single seller or producer supplying a unique product or service, with significant barriers to entry for potential competitors.

Price Effect

The impact on the market or consumers' purchasing behavior due to a change in the price of a good or service.

Megawatts

A unit of power equal to one million watts, often used to quantify the output of large power plants or the electricity consumption of large entities.

Natural Monopoly

A market situation where a single firm can supply the entire market more efficiently than multiple firms due to high fixed or start-up costs.