Explain Why an Economist Would Say,"There Is No Such Thing

question 108

Essay

Explain why an economist would say,"There is no such thing as a free lunch."

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Definitions:

Two-Independent Sample T-Test

A statistical test used to compare the means of two independent groups to determine if there is a statistically significant difference between them.

Wilcoxon Signed Rank Test

The Wilcoxon signed rank test is a nonparametric statistical test used to compare the median of two related samples to determine if there are significant differences between them.

P-Value

The probability of observing a test statistic as extreme as, or more extreme than, the observed value under the assumption that the null hypothesis is true.

Kruskal-Wallis Test

A nonparametric statistical test that assesses whether there are statistically significant differences between two or more groups of an independent variable on a continuous or ordinal dependent variable.