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The government is interested in estimating the UK household average weekly income. Suppose that the UK population average and variance of weekly income are given
The government is interested in estimating the UK household average weekly income. Suppose that the UK population average and variance of weekly income are given by, respectively, 620 and 129,000 but that this information is unknown to anybody. Two economists have been invited to suggest ways to estimate the UK average weekly income and they have come up with two alternative estimators:
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