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Statistics for Economics by Shahdad Naghshpour

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Chapter 7

Statistical Inference with Test of Hypothesis

Choose Evidence with High Probability

One of the methods of drawing inference about population parameters using sample statistics is by testing the hypothesis about the parameters. With proper sampling techniques, a point estimate provides the best estimate of the population parameter. Interval estimation provides a desired level of probability of level of confidence in the estimate. Test of hypothesis is used to make assertions on whether a hypothesized parameter can be refuted based on evidence from a sample.

Using sample statistics to make deductions about population parameters is called statistical inference. Statistical inference can be based on point estimation, confidence interval, ...

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