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Assume you own a small shoe store. Discuss the three different types of competition you might face and give examples of each.
Point Estimate
A single value that serves as an estimate of a population parameter, derived from sample data.
Population Proportion
The fraction of individuals in a population who have a particular characteristic.
Confidence Intervals
A range of values, derived from sample data, that is likely to contain the value of an unknown population parameter, with a certain degree of confidence.
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