Wutz UpDogs chose a particular football stadium to test market a new jumbo hot dog. It was found that the demand for the new hot dog is given by p = 6 – In(x), 5<< 500, where z is the number of hot dogs (in thousands) that can be sold during one game at a price of p dollars per hot dog. If the company pays 1 dollar for each hot dog, how should the hot dogs be priced to maximize the profit per game? Price =

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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.