If, in a monopoly market, the demand function for a product is p=228-0.4x and the revenue function is R=px, where x is the number of units sold and p is the price per unit, what price per unit will maximize revenue? ANSWER: dollars per unit Do not include units in the answer box. Just a number. If rounding is necessary, round to the nearest cent.

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Types of Bias

Statistics is the study of data collection, organization, analysis, interpretation, and presentation. Statistical bias is a characteristic of a statistical technique or its findings in which the expected value deviates from the actual root quantitative parameter being estimated. According to the actual definition of bias, it refers to the tendency of a statistic to overestimate or underestimate a parameter.