Examlex
When the price of sausages is $2.00 per pound, consumers buy 50 pounds of hamburger. When the price of sausages rises to $3.00 per pound, 60 pounds of hamburger are purchased. The cross price elasticity of demand between sausages and hamburger is approximately equal to
Outliers
Outliers are data points that differ significantly from other observations, often lying far outside the majority of a data distribution.
Parameter
A numeric characteristic that describes and summarizes an entire population of data.
Statistic
A characteristic or measure obtained from a sample of data, used to estimate the value of a population parameter.
Variance
A measure of how spread out a set of data is, calculated as the average of the squared differences from the Mean.
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