Examlex
Suppose country X can produce a personal computer at an opportunity cost of 1000 t-shirts. Assume that country X has a comparative advantage in the production of t-shirts. Would country X ever agree to terms of trade with country Y such that one personal computer would be exchanged for 1100 t-shirts?
Prediction Interval
A range within which a future observation or outcome is expected to fall, with a certain probability.
Simple Linear Regression
A statistical method to model the relationship between two variables by fitting a linear equation to observed data.
Least Squares
A mathematical approach to find the best-fitting curve to a given set of points by minimizing the sum of the squares of the offsets ("the residuals") of the points from the curve.
Statistical Software
Computer programs designed for performing statistical analysis on data, including computations of descriptive statistics, inferential statistics, and graphically representing data.
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