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A company sells two products with information as follows:
Products are made by machine.Four units of product A can be made with three machine hours and five units of product B can be made with 0.7 machine hour.If there are no constraints on production or sales of either product,then the company should emphasize sales of product B.
Standard Error
A measure of the statistical accuracy of an estimate, indicating how much the sample mean is expected to vary from the true population mean.
Mean
The average of a set of numbers, calculated by dividing the sum of all values by the count of values, and used as a measure of central tendency.
Z-statistic
A type of standard score that represents the distance in standard deviations a data point is from the mean, used in significance testing.
Two-tailed Test
A statistical test that considers both directions of a possible effect, testing for the possibility of an effect in two opposite directions.
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